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May Soybeans finished down 3 at 1488 1/4, 15 1/2 off the high and 7 1/4 up from the low. July Soybeans closed down 9 3/4 at 1399. This was 9 up from the low and 20 1/2 off the high.
July Soymeal closed down 6.4 at 406.8. This was 0.8 up from the low and 12.5 off the high.
July Soybean Oil finished up 0.01 at 49.23, 0.28 off the high and 0.63 up from the low.
The soybean market traded sharply lower on the day with the November contract acting as the leader to the downside. The USDA report was considered bearish against trade expectations after the USDA pegged new crop ending stocks at 265 million bushels, up from trade estimates at 236 million. The 2012/13 carryout came in unchanged from last month at 125 million bushels. Crush and export numbers were left unchanged. Planted acreage was estimated at 77.1 million acres and yield at 44.5 bushels per acre to leave a production forecast of 3.39 billion bushels which would be a new record high. World ending stocks for the 2012/13 season came in at 62.46 million tonnes as compared 62.6 million tonnes in last month's estimate. World ending stocks for 2013/14 were estimated at 74.96 million tonnes as compared with trader estimates near 69 million tonnes. This is a record high. The Brazil soybean crop production estimate came in at 83.50 million, unchanged from last month. Argentina production was pegged at 51.0 million tonnes from 51.50 in April.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.