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Soybean futures settled mostly a quarter to 30 cents higher, led by the front month Jul16 contract. Prices on Monday were boosted by NOAA forecasts showing no precipitation for most of the three I’s and a majority of Ohio through Thursday. The front two soybean meal contracts were each up $8.40 on the day. The USDA reported that just 5% of the national soybean crop had yet to emerge as of Sunday night, compared to the five year average of 9% at this time. The season’s first blooming progress showed 9% of the crop has bloomed, up 2 points from average. The national condition rating was pegged at 378 on our Brugler500 Index, as conditions slipped by just a point week over week. This morning, the USDA reported export inspections of 272,066 MT for the week ending last Thursday. The weekly total was down 13.7% from the previous week, and 8.4% smaller than the same week a year ago. Marketing year to date inspections as of June 23 totaled 44.249 MMT, down 7.6% from 2014/15 at that time. Under the daily reporting system, private exporters announced that 150,000 MT of US soybeans were sold to unknown destinations, with 88% of sales for 2015/16 delivery.
Jul 16 Soybeans settled at $11.33, up 30 cents,
Aug 16 Soybeans settled at $11.29 3/4, up 28 1/4 cents,
Sep 16 Soybeans settled at $11.14, up 27 3/4 cents,
Nov 16 Soybeans settled at $11.04 3/4, up 26 1/4 cents,