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Soybeans Close Higher on Profit Taking Fueled By Rumors

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Soybean futures saw 20 1/4 cent gains in the front months on Friday. That parred back losses from the other 4 trade session this week, as Aug was down just 1.29% this week. August soybean meal was up $4.20/ton, with soy oil up 46 points. 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. After the close, President Trump stated US Treasury Sec had a “very good talk” with China over the phone this week. Estimates from Safras & Mercado show expected 19/20 soybean production in Brazil at a record 123.788 MMT, with acreage seen up 0.8% from last year. This afternoon’s CFTC report indicated money managers in soybean futures and options backing off their net short position by 2,999 contracts to -38,935 contracts.

AUG 19 Soybeans closed at $9.01 1/2, up 20 1/4 cents,

SEP 19 Soybeans closed at $9.07 1/4, up 20 1/4 cents,

NOV 19 Soybeans closed at $9.19 1/4, up 20 1/4 cents,

JAN 20 Soybeans closed at $9.31 3/4, up 20 1/4 cents,

AUG 19 Soybean Meal closed at $311.20, up $4.20,

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

--provided by Brugler Marketing & Management

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