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Soybean futures closed 1 penny lower to 4 cents higher. The front month Aug 14 contract displayed the most strength and finished up nearly a nickel. The 1.2835 MMT of new crop bookings to China in the weekly export sales report yesterday morning must not have been bullish enough to spook the bears for more than a day. According to the USDA announcement this morning, another 360,000 MT was reported sold to China by private exporters. Mexico bought 134,700 MT of soybean meal for delivery in the 2014/15 marketing year. As of the close on July 22, CFTC shows managed money selling 12,454 net contracts of soybeans, flipping them from a net long to a net short position of18,543 contracts.
Aug 14 Soybeans closed at $12.12 1/4, up 4 3/4 cents,
Sep 14 Soybeans closed at $11.13 3/4, up 2 1/4 cents,
Nov 14 Soybeans closed at $10.83 1/2, down 1 1/4 cents,
Jan 15 Soybeans closed at $10.90 1/4, down 1 1/4 cents,