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Soybeans Higher on Profit Taking Fueled By Rumors

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Soybean futures are up 20 to 22 cents at midday, after showing 4 straight days of losses this week. August soybean meal is up $4.80/ton, with soy oil 46 points higher. A report from Reuters shows lower Brazilian crop quality this year with some Chinese business at risk. Rumors of improvements in the Trade War also gave the buying some fuel. Old crop US export commitments are now 105% of USDA’s projected total vs. the 103% average. Exports are 85% of that number, with the normal pace at 83%. Estimates from Safras & Mercado show expected 19/20 soybean production at a record 123.788 MMT, with acreage seen up 0.8% from last year.

AUG 19 Soybeans are at $9.03 1/4, up 22 cents,

SEP 19 Soybeans are at $9.08 3/4, up 21 3/4 cents,

NOV 19 Soybeans are at $9.21, up 22 cents,

JAN 20 Soybeans are at $9.33, up 21 1/2 cents,

AUG 19 Soybean Meal is at $311.80, up $4.80,

AUG 19 Soybean Oil is at $28.10, up $0.46

--provided by Brugler Marketing & Management

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