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Soybean closed 13 to 14 points lower on the day, but November futures were up nearly 30 cents for the week; posting a trading range of more than 62 cents since last Friday. The Informa estimate for 2015 planted soybean acres came out today at 88.5 million acres; if realized it would be a 4.5 million acre increase from the current USDA estimate for 2014. USDA published the weekly export sales figure just below the midpoint of pre-report expectations at 939,900 MT, with more than 709,000 MT booked for China. The weekly COT report from the CFTC showed managed money accounts getting 7,267 contracts less-short, bringing their net short position to -17,190 contracts as of the Tuesday close. Total soybean meal export sales for last week were 197,600 MT; current marketing year commitments are more than 160% of what they were for 2013/14 a year ago. December meal futures were down $4.10 today, but added more than 6% for the week.
Nov 14 Soybeans closed at $9.51 3/4, down 14 3/4 cents,
Jan 15 Soybeans closed at $9.59 3/4, down 14 1/2 cents,
Mar 15 Soybeans closed at $9.68, down 13 3/4 cents,
May 15 Soybeans closed at $9.76 3/4, down 13 3/4 cents,
Dec 14 Soybean Meal closed at $330.50, down $4.10,