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Soybean futures were sharply higher on the day, as most contracts closed 3 to 4 cents off of their session highs. Strong price support came from the soybean meal and soybean oil markets; with their respective front month contracts up $15.70 and 22 cents on the day.The domestic crushers need beans to make meal for export and the export market for whole beans has been strong at this price level too.That is creating competition for the beans that are moving. About 97% of the US crop is harvested, but many farmers are apparently not interested in giving up their beans at this time.
Jan 15 Soybeans closed at $10.51, up 17 1/4 cents,
Mar 15 Soybeans closed at $10.56 1/4, up 16 1/2 cents,
May 15 Soybeans closed at $10.61 1/4, up 15 1/2 cents,
Jul 15 Soybeans closed at $10.65 1/4, up 15 3/4 cents,