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Soybean futures are mostly 5 to 8 cents higher at midday. Strength in Winnipeg canola futures is offering some support to the US soy complex. China signed a “frame” contract for 1 MMT of US beans during calendar year 2015, 2/3 of which is in the current USDA marketing year. Some had touted a much larger number, but we have to remember that China already has substantial US purchases on the books. Total commitments as a percent of total USDA projected exports are at 84% when the five year average is 77%. Looking south, Brazilian producers were heavy sellers of their growing crop as the Real dropped sharply and boosted their local prices. ABIOVE, the crusher association, estimated the Brazilian crop will only be 91 MMT vs. the CONAB estimate of 95.8 MMT. ABIOVE sees yield losses due to the late planting.
Jan 15 Soybeans are at $10.29 1/4, up 5 3/4 cents,
Mar 15 Soybeans are at $10.37 1/4, up 6 cents,
May 15 Soybeans are at $10.43 1/4, up 6 3/4 cents,