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Soybean futures closed the session 5 to 8 cents higher, regaining some of the damage that was done on Monday. New crop export sales for the week ending July 23 were 899,100 MT, a 272% increase from the previous week. China was responsible for 405,400 MT worth of purchases. Old crop sales were 416,700 MT, a 416% increase from the previous week, with 300,000 MT of 14/15 beans booked for China. Meal bookings were within expectations at 151,800 MT. This was an increase of 351% from the week ending July 16. Total commitments are now 12% larger than 2014 at this time. We continue to see progress in shipping the overhang of old crop meal commitments. Bean oil bookings were a new high for this marketing year at 74,800 MT, mostly to Venezuela. In the daily reporting system, USDA indicated a new crop soybean sale to unknown destinations of 140,000 MT. Those will go in next weeks total.
Aug 15 Soybeans closed at $9.90 1/4, up 7 1/4 cents,
Sep 15 Soybeans closed at $9.64 1/2, up 7 1/2 cents,
Nov 15 Soybeans closed at $9.50, up 6 3/4 cents,
Jan 16 Soybeans closed at $9.55 1/4, up 6 1/2 cents,