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Soybean futures closed around a nickel higher on the day. There was some frost damage in the upper Midwest over the weekend, and traders were looking for lower USDA crop condition ratings this afternoon. The weekly report showed 24% of the crop is dropping leaves, when the five year average is 32%. The Brugler500 Index crop condition rating is unchanged from last week, at 384. The NOPA crush report showed August at 110.6 million bushels, off 1 million from the average trade guess. Soy oil stocks were also smaller than expected at 1.214 billion pounds and that has helped firm the BO market. Weekly USDA Export Inspections for last week were 255,020 MT, up from 173,732 MT the week before and more than triple the same week in 2013. YTD inspections are already at 333,608 MT vs. 130,969 MT last year.
Nov 14 Soybeans closed at $9.89 1/2, up 4 1/4 cents,
Jan 15 Soybeans closed at $9.97 1/2, up 5 cents,
Mar 15 Soybeans closed at $10.04 1/4, up 5 3/4 cents,