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Soybean futures settled 6 to 9 3/4 higher, with September the strongest. Meal futures were up another $3.80/ton to support the rally, but soy oil was only up a few ticks. Trade estimates for the USDA weekly Export Sales report were in the 1.2 to 1.6 MMT range. USDA reported much larger net export sales last week for old crop were 226,700 MT, and the new crop total was a whopping 2.451 MMT, with 1.2835 MMT slated for delivery to China.The new crop price finally got cheap enough for China to step in and buy big. Old crop FOB basis was up sharply earlier in the week, reflecting a need to get some beans past the crush plants to the port. South American producer selling rose sharply on the rally yesterday and this morning.
Aug 14 Soybeans closed at $12.07 1/2, up 6 1/2 cents,
Sep 14 Soybeans closed at $11.11 1/2, up 9 3/4 cents,
Nov 14 Soybeans closed at $10.84 3/4, up 8 1/4 cents,
Jan 15 Soybeans closed at $10.91 1/2, up 7 3/4 cents,