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Soybean futures are trading 15 to 16 cents lower on Friday, failing to follow through on Thursday’s slight gains. Nearby soy meal is down $4.02/ton, with soy oil 16 points in the red. Thursday’s WASDE showed USDA adding another 15 mbu to 17/18 crush to a record 2.3 bbu, with 18/19 crush up 45 mbu from June at 2.045 bbu. Old crop exports were raised 20 mbu with the help of large shipments in the last several weeks. The USDA took a nickel off the 17/18 cash average price to $9.35, while dropping 75 cents off the range for 18/19 to $8-$10.50 ($9.25 mid-point). Safras & Mercado expects 2018/19 Brazilian acreage for soybeans to jump 2.3% from last year, to ~88.958 million acres. The USDA’s world balance sheet contained a 2 MMT increase to projected Brazil production to 120.5 MMT. Chinese imports of soybeans during June totaled 8.7 MMT according to customs data, down 10.1% from May. Port congestion has been an issue, with vessels seeing extended wait times to unload.

Jul 18 Soybeans are at $8.31 1/2, up 1 1/2 cents,

Aug 18 Soybeans are at $8.18 1/2, down 15 1/4 cents,

Sep 18 Soybeans are at $8.23 3/4, down 15 1/4 cents,

Nov 18 Soybeans are at $8.33 1/2, down 15 3/4 cents,

Jul 18 Soybean Meal is at $329.20, down $4.20

Jul 18 Soybean Oil is at $28.17, down $0.16

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