Soybean Futures Little Lower

March Soybeans are trading at 1065, down 4 1/4 cents/bushel. March Soymeal is trading at 345.5, down 3.3 $/ton. March Soybean Oil is trading at 35.66, up 0.10 cents/lb.

Soybean futures are trading rangebound. Market chatter about impacts from abundant rain in Argentina is making the rounds and transportation issues in Brazil has kept buyers and sellers.

The USDA reported on Tuesday that soybean export inspections as of January 12th are now 64.3 percent of the agency forecast versus the five year average of 62 percent.

China's Agricultural Minister estimated that China's soybean production will be near 12.5 million tonnes up about 8 percent versus a year ago. China's National Grain and Oils Information Center estimates that January soybean imports will be near 8.0 million tonnes versus 9.0 million tonnes in December.