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Soybean futures ended the day a couple pennies lower, after losing 7 to 9 1/2 cents on Wednesday. This morning, CONAB in Brazil released its updated estimates this morning, projecting soybean production to be 100.9 MMT, down 1.2 MMT from its previous estimate (USDA January: 100.0 MMT). Production was cut due to an expected 4.2% cut to average yields in Mato Grosso. Soybean exports are expected to reach 56.8 MMT (USDA: 57.0 MMT). Large amounts of net reductions were reported by the USDA in its weekly Export Sales report for the week ending last Thursday. Total net sales were pegged at 22,055 MT (a marketing year low), including net reductions of 43,645 MT for 2015/16. Trade analysts expected the weekly total to be at least 400,000 MT. Unknown destinations reported net reductions of 374,900 MT, and China had net reductions of 55,220 MT. Soy meal bookings were reported at 187,504 MT (estimated to be between 100,000 to 250,000 MT), and soy oil sales totaled 12,829 MT (estimated to be between 0 to 30,000 MT).
Mar 16 Soybeans settled at $8.74 1/2, down 2 1/4 cents,
May 16 Soybeans settled at $8.77 1/2, down 2 1/4 cents,
Jul 16 Soybeans settled at $8.83 3/4, down 2 1/2 cents,
Aug 16 Soybeans settled at $8.86, down 2 cents,
Mar 16 Soybean Meal settled at $267.60, down $2.50,