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Soybeans flipped from double digit gains at midday to losses of 1 to 2 cents at the close. Soy oil futures held 38 point gains, but meal was down $11.50 from the high of the day to settle at $338.00. USDA reported a sale of 419,000 MT to China for 2014/15 delivery under the daily reporting system, with another 113,000 MT sale to unknown destinations. That news gave the market an early boost, but the fade in meal dragged things down. Meal supplies are still tight following a very slow crush pace in September and a dip in DDG production. Crush plants were pushing basis a dime or more this morning to try to attract some bean sellers. Most producers want to see $10, at least in the futures.
Nov 14 Soybeans closed at $9.62 3/4, down 1 1/2 cents,
Jan 15 Soybeans closed at $9.69 3/4, down 2 cents,
Mar 15 Soybeans closed at $9.77, down 2 cents,
May 15 Soybeans closed at $9.84 3/4, down 2 1/4 cents,
Dec 14 Soybean Meal closed at $338.00, down $4.90,