Soybeans Little Lower

Soybean futures are a little lower Friday morning. July soybeans are trading at 975 3/4 down 4 3/4 cents.

July soybean oil is trading at 32.11, down 0.10. July soymeal is trading at 313.7, down 1.3. The USDA reported weekly soybean export sales of 110,200 tonnes.

Weekly soymeal exports were 130,200 tonnes and soybean oil exports were 4,400 tonnes.

Market talk that Argentina's agriculture ministry raised soybean production to 59 million tonnes versus last year's record crop of 53.4 million tonnes has been making the rounds.

Chatter about better basis in the southern hemisphere for soybean oil has been supportive for soybean oil.

Chatter that Canada's canola plantings will be down 4.5% versus last year has led to some buying in soybean oil recently. Large global supplies has kept sellers active on rallies.