Soybeans Futures PricesFri, Oct 9th, 2015
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Soybean futures ended the day 4.5 cents higher, and Oct bean meal was up $3.10 following release of the monthly USDA reports. NASS cut the acreage figure by 1.1 million acres, and raised the national average yield by a tenth of a bushel to 47.2 bpa. That makes US production 3.888 bbu and was about 23 mbu smaller than the average trade estimate. It is down 47 mbu from the September figure. USDA raised the crush estimate 10 mbu, and cut the 15/16 export figure by 50 mbu from last month due to slow export sales. New crop ending stocks slipped 25 mbu; in line with the average trade guess. Projected new crop Brazilian production jumped 3MMT from last month to 100 MMT. CFTC this afternoon showed the spec funds still net short soybeans as of October 6, but trimming their net bearish position to -19156 contracts.
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