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Soybean Market 3 to 4 Cents Higher

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The overnight soybean trading has futures starting the last trade day of the week 3 to 4 cents higher. Soybean futures ended the Wednesday session with gains of as much as 18 3/4 cents. Jan beans were up 2.12% on the day, but the other front months closed 9 1/2 to 17 1/4 cents higher. Preliminary open interest showed net new buying, rising 17,284 contracts. Soymeal futures closed with a $6.40/ton gain in July. July bean oil was up by 23 points at the close. USDA released May bean crush in their Fats and Oils report this afternoon at 179.533 mbu. The trade was looking for 180.7 mbu. That was down 3.84 mbu from April, even with an extra day, but was still a record for the month. Bean oil stocks on hand at the end of the month were 2.447b lbs. That was down 155m lbs from April, but still 428m lbs larger yr/yr. Traders are looking for old crop bean export sales to run 300k to 800k MT in the weekly USDA report. New crop sales are also estimated to range 300 to 800k MT. Soymeal export sales are expected between 75,000 and 250k MT, with up to 50k MT of 2020/21 bookings. Traders estimate bean oil sales between 5,000 and 25,000 MT.

--- provided by Brugler Marketing & Management

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