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Soybean futures closed 9 1/2 to 17 3/4 cents lower. Meal took a lot of the heat, losing $5.70/ton. Soy oil was off only 8 points. USDA reported another 126,000 MT sale of soybeans to “unknown” this morning under the daily reporting system. There is also a Chinese buying team in country this week. They are expected to sign a big promise to buy in Indianapolis, but a chunk of the business is likely already on the books. Traders are expecting zero delivery notices on FND vs. September soybean and soy meal futures. Trade ideas for soy oil are in the 1000-2000 contract range.
Sep 16 Soybeans settled at $9.83 1/4, down 19 cents,
Nov 16 Soybeans settled at $9.64 1/4, down 15 1/4 cents,
Jan 17 Soybeans settled at $9.66 3/4, down 15 cents,
Mar 17 Soybeans settled at $9.68 1/4, down 15 3/4 cents,
Sep 16 Soybean Meal settled at $319.50, down $5.90,