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Soybean futures closed mostly 3 1/2 to 8 3/4 cents lower on Wednesday. Soymeal was down $3.90 in the front month, with May 17 Soy oil33 points. Expected weather delays for this week in corn and wheat planting may cause soybean acreage to rise higher than first thought. Traders are expecting old crop soybean export sales to be 250,000-450,000 MT in tomorrow morning’s report. New crop sales are estimated to range 100,000-300,000 MT. Total soy meal sales are projected at 100,000-350,000 MT, with 8,000-40,000 MT expected for soy oil sales. As of Tuesday night, DTN reported the average US soybean cash price at $8.85, which is 49.25 cents lower than last year at this time. The national average basis at -69.50 cents is 4 cents weaker than last year. According to reports from China, the country is planning to cut their value added tax down from 13% to 11% for agricultural products, starting July 1. This is in effort to help lower the importing costs of soybeans.
May 17 Soybeans settled at $9.45 3/4, down 8 3/4 cents,
Jul 17 Soybeans settled at $9.56 1/2, down 8 1/2 cents,
Aug 17 Soybeans settled at $9.58 1/2, down 8 1/2 cents,
Sep 17 Soybeans settled at $9.55 1/2, down 8 1/2 cents,
May 17 Soybean Meal settled at $309.60, down $3.90,