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Soybean futures are currently 14 to 21 cents lower, with soybean meal down $5.50/ton. US weekly Export Inspections reached significant levels during the week ending July 21, totaling 700,715 MT. This was up 75% from the previous week, and nearly 6 times as large as the same week last year. Through July 21, marketing year to date inspections are 5.6% behind last year, as weekly inspections have been larger than last year for three consecutive weeks. Ahead of this afternoon’s Crop Progress report, trade analysts on average believe that soybean conditions will be down from last Monday. Managed money held a net long CFTC position of 137,692 contracts as of the close on July 19. This was a week over week reduction to the net long position of 21,715 contracts.
Aug 16 Soybeans are at $9.92, down 14 1/2 cents,
Sep 16 Soybeans are at $9.84 1/4, down 14 1/2 cents,
Nov 16 Soybeans are at $9.72 3/4, down 15 1/2 cents,