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Soybeans closed mostly 10 to 11 cents lower on the day. Futures made it back to plus territory about 40 minutes after the USDA reports due to end of month short-covering, but fell back to close a few cents above session lows. The rally was sparked by much lower than expected 2013/14 ending stocks, which came in at only 92 mbu even after USDA bumped up the total production estimate from the previous year by 69 mbu. Average pre-report expectations for stocks had been in the 126mbu to 131mbu area. The forecasted record crop coming out of the fields this year allowed the trade to look past the tightest old crop carryover stocks since 1972.
Nov 14 Soybeans closed at $9.13 1/4, down 10 1/4 cents,
Jan 15 Soybeans closed at $9.21 1/4, down 11 cents,
Mar 15 Soybeans closed at $9.29 3/4, down 10 3/4 cents,
May 15 Soybeans closed at $9.38, down 10 3/4 cents,
Oct 14 Soybean Meal closed at $304.60, down $3.50,