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Soybean futures traded around 4 cents higher on Tuesday, despite an overall improvement to US soybean crop conditions in the weekly USDA Crop Progress report. Our Brugler500 Index rose 4 points from last Monday to 366. The Illinois crop has seen much improvement throughout the last three months after hitting its low of 328 on July 19. It was up 11 points to a 354 this week. Celeres is projecting 32.2 million HA will be planted to soybeans in Brazil, with a preliminary crop size estimate of 97.08 MMT. A Bloomberg survey shows the trade expecting USDA to bump up US average yield to 47.2 bpa on Friday morning, while cutting harvested acres. The result is a smaller crop estimate than the one in September.
Nov 15 Soybeans closed at $8.88, up 3 3/4 cents,
Jan 16 Soybeans closed at $8.92, up 3 3/4 cents,
Mar 16 Soybeans closed at $8.95 1/4, up 4 cents,
May 16 Soybeans closed at $8.99 1/4, up 3 3/4 cents,