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Soybean futures closed steady to around a penny lower, with January down 1/2 cent. The idea that Argentine farmers will sell soybeans that they had been holding off the market is one the market has been considering for some time. The USDA estimated that Argentine soybean production will reach 57 MMT in 2015/16, the second largest on record for the country, below 2014/15 production of 60.8 MMT. Data from the International Grains Council shows that US soybean export spot prices were equal to those of Argentina, at $347/ton (2014 at this time: US:$424/ton, ARG:$452/ton). DTN data showed that the national average soybean basis was -$0.45 on Monday, more than a dime stronger than it was on 11/10, and 6.5 cents stronger than it was at this time a year ago. The most recent national average cash price is $8.19 1/4.
Jan 16 Soybeans closed at $8.63 3/4, down 1/2 cent,
Mar 16 Soybeans closed at $8.66 1/4, unch,
May 16 Soybeans closed at $8.72 1/4, down 1/2 cent,
Jul 16 Soybeans closed at $8.78 1/4, down 1/4 cent,
Dec 15 Soybean Meal closed at $283.80, down $1.50,