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Soybeans Put Up Double Digit Overnight Gains

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Beans are 5 to 16 cents higher heading on the last trading day before the weekend. Yesterday, soybeans shook off early selling to end the day fractionally to 1 3/4 cents higher. Soymeal futures closed $1.20 to $1.50/ton lower. BO futures closed with 27 to 35 point gains in the front months. The weekly Export Sales report showed 1.388 MMT (50.99 mbu) of soybean sales on the week ending 11/12. That was the smallest total of the marketing year. China accounted for 76% of the total with 1.06 MMT. China’s accumulated soybean bookings MYTD are 55.8% of the total, at 28.61 MMT. Meal bookings were reported at 182,074 MT for the week. Soymeal exports were a MY high of 317,739 MT. Accumulated soymeal exports were 1.418 MMT, which is 3% ahead of last year’s pace through the first 7 weeks. Soybean oil bookings were above pre report expectations with 45,132 MT sold on the week ending 11/12.

--- provided by Brugler Marketing & Management

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