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Soybean futures are trading 13 to 18 cents lower at midday. Trader talk is that only 94,009 MT of soybeans were sold during this weeks Chinese state owned soybean auction, out of 354,000 MT offered. The average price was said to be near 4,113 Yuan, or approximately $665 per ton ($18.09/bushel). Private exporters reported to the USDA export sales of 135,000 MT of soybean cake and meal for delivery to unknown destinations during the 2014/2015 marketing year. USDA reported 76% of the soybean crop is blooming, up from 60^% last week and also above the 5 year average of 72%. The Brugler500 condition index dropped 3 points to 380. That is still the best rating since 1994 (+3 vs. 2004). We lost 2% of the acreage out of the Good category. Pod set is advanced, at 38% vs. the 5 year average of 31%. Nebraska was reported at 53% pod set, up from 32% last week and above the 5 year average of 30%.
Aug 14 Soybeans are at $12.23 1/2, down 13 cents,
Sep 14 Soybeans are at $11.21, down 16 cents,
Nov 14 Soybeans are at $10.92 1/2, down 15 1/4 cents,
Jan 15 Soybeans are at $10.99 1/4, down 14 1/2 cents,