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Soybeans Settle Off Highs, Lower Than Expected Crush

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Soybean futures ended the Wednesday session with most contracts 3 to 4 cents higher, coming ~12 cents off their highs in the front months. July soy meal was up $1.80/ton, with soybean oil 24 points higher. The Monthly crush report from NOPA showed that 159.99 mbu of soybeans were crushed by its member in April. That was below most estimates by a million bushels or so and down 0.7% from the same month last year. Soybean oil stocks were slightly higher than the average trade guess at 1.787 billion pounds. Analysts expect the Export Sales report on Thursday to show 100,000-400,000 MT of old crop beans, with 200,000-600,000 MT for new crop bookings. Soymeal is seen at 125,000-400,000, with Soy oil at 5,000-25,000 MT.

Jul 19 Soybeans closed at $8.35 1/2, up 4 cents,

Aug 19 Soybeans closed at $8.42, up 4 cents,

Sep 19 Soybeans closed at $8.48, up 4 cents,

Jan 20 Soybeans closed at $8.72 1/2, up 3 cents,

Jul 19 Soybean Meal closed at $299.80, up $1.80,

Jul 19 Soybean Oil closed at $27.24, up $0.24

--provided by Brugler Marketing & Management

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