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Soybean futures are currently trading another penny higher this morning after double digit gains on Wednesday. Meal was up more than $10/ton in each of the front three contracts to support the bean product value. July-September soy crush for Brazil and Argentina was down 3 MMT vs. year ago. That implies reduced availability of meal and oil, tilting demand to the US. Traders are looking for the USDA weekly Export Sales report to show large soybean bookings of 1.5 to 2.5 MMT, with more than 900,000 MT of that “known” business. Meal bookings are seen at a pedestrian 200-400,000 MT. We note that the Brazilian Real hit a new high for 2016 (3.13:1) against the dollar yesterday, making their beans relatively more expensive to the Chinese.