Soybean Futures Trading Lower

March Soybeans are trading at 1049 1/4, down 5 cents/bushel. November Soybeans are trading at 1023, down 4 1/4 cents/bushel. March Soymeal is trading at 341.0, down 2.2 $/ton. March Soybean Oil is trading at 34.31, up 0.14 cents/lb. Soybean futures are trading rangebound. Chatter about the Southern Hemisphere soybean harvest and the planting season in the U.S. is making the rounds. The Southern Hemisphere soybean harvest is about 18 percent done versus 15.7 percent complete at this time a year ago. Early street estimates are showing U.S. soybean acreage rising to 90 million acres from 83.4 million last season. The USDA reported on Monday that soybean export inspections for the current marketing year as of February 9th are now 75.5 percent of the agency forecast versus the five year average of 74.2 percent.