International Grains Council estimates global soybean production at 395 million tons up 2 MMT from previous prediction and now 28 million tons higher year-on- year as production in Arjentina would rise and expected rain in Brazil would increase production. Planted area in Arjentina have been increased. Soybean and Soymeal prices are lower in Chicago market. Drop in petrolium crude oil prices also pushed down soybean and soy oil prices.