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Soybeans closed fractionally mixed, losing intraday gains in the last 45 minutes of trading. September held on to a big gain as the short squeeze in old crop beans and meal continues. The Stats Canada estimated 14/15 canola production figure came in below the range of pre-report trade estimates, but soy oil closed lower anyway. This morning, USDA reported net reductions for US old crop soybeans export sales of -89,600 MT for the week ending August 14, as China and unknown cancelled a total of 127,700 MT. New crop soybean sales were reported at 1,420,600 MT, with China the largest buyer @ 947,900 MT. Next marketing year soybean export commitments are now 677,274 MT larger than they were at this point a year ago.
Sep 14 Soybeans closed at $11.36 1/4, up 16 1/2 cents,
Nov 14 Soybeans closed at $10.38 1/4, up 1/4 cent,
Jan 15 Soybeans closed at $10.45 1/4, down 1/2 cent,
Mar 15 Soybeans closed at $10.52 1/4, down 1/4 cent,