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Soybean Market 2 to 3 Cents Lower

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Soybean futures are 2 to 3 cents lower to begin your Monday. They saw 20 1/4 cent gains in the front months on Friday. That partially offset losses from the other 4 trade sessions, as Aug was down 1.29% for the full week. Preliminary open interest shows some light net buying at 530 contracts. August soybean meal was up $4.20/ton, with soy oil up 46 points. Rumors of Chinese requests for quotes also encouraged the short covering. 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. Friday 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.

--provided by Brugler Marketing & Management

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