Soybean Futures Little Lower

March Soybeans are trading at 1064, down 6 1/4 cents/bushel. March Soymeal is trading at 345.6, down 2.6 $/ton. March Soybean Oil is trading at 35.41, down 0.03 cents/lb.

Soybean futures are trading a little above the session lows.

Market chatter about Argentina's weather is making the rounds. The Rosario Grains Exchange said that flooding in Argentina has damaged 1.6 million hectares. They now estimate Argentina's soybean production at 52.9 million tonnes versus the USDA estimate of 57 million tonnes.

The International Grains council estimated that global soybean production will 334 million tonnes versus the previous estimate of 336 million tonnes. Early street estimates of U.S. soybean plantings for this year are near 90 million acres versus last year at 83.4 million. The USDA weekly export sales report is due out at 8:30 a.m. ET.