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Soybeans up 5 to 6 Cents To Start Thursday

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Soybean futures are mostly 6 cents per bushel higher this morning ahead of the Export Sales report. They ended the Wednesday session with most contracts 3 to 4 cents higher. Short covering continued, with preliminary open interest down 6,268 contracts. July soy meal was up $1.80/ton, with soybean oil 24 points higher. The NOPA report showed 159.99 mbu of soybeans were crushed by NOPA members in April. That was down 0.7% from April 2018. Soybean oil stocks were slightly higher than the average trade guess at 1.787 billion pounds. Analysts expect the USDA Export Sales report this morning to show 100,000-400,000 MT of old crop beans booked, with 200,000-600,000 MT for new crop sales. Soymeal is seen at 125,000-400,000 MT, with Soy oil at 5,000-25,000 MT. --provided by Brugler Marketing & Management

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