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Soybean futures are currently a couple-three cents lower on the session. Export sales during the week ending July 21 fell short of pre-report expectations thanks to net old crop reductions of 1,365 MT. Total net sales were reported at 676,857 MT. Weekly shipments, however, were the largest since the week ending March 10. Old crop commitments are 101.8% of a year ago, down from 102.6% during the previous week. Soy meal sales totaled 154,321 MT during the previous week, right in the middle of trade estimates. Bookings of US soy oil were estimated before the report to be between 0 and 40,000 MT and were pegged at only 6,514 MT. Private exporters announced that 129,000 MT of US soybeans were sold to China this morning, and an additional 328,000 MT were sold to unknown destinations. Of the combined total, 71% was for 2016/17 delivery. These purchases will show up on next week’s USDA Export Sales report.
Aug 16 Soybeans are at $10.07 3/4, down 2 3/4 cents,