Soybean Futures Lower

March Soybeans are trading at 1045 1/2, down 4 cents/bushel. March Soymeal is trading at 341.4, down 1.0 $/ton. March Soybean Oil is trading at 34.25, down 0.22 cents/lb.

The USDA reported on Thursday that soybean export sales for of January 19th are now 89.3 percent of the agency forecast versus the five year average of 84.7 percent. Soymeal sales for the current year are 60 percent of the agency forecast versus the five year average of 60.5 percent. Soybean oil sales for the current year are now 66.4 percent of the forecast versus the five year average of 53.9 percent.

The Buenos Aires Grain Exchange estimated the Argentina's soybean crop would be 53.5 million tonnes. They estimated that losses from flooding affected 770,000 hectares and 370,000 hectares should recover.