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Soybean futures closed 3 to 5 cents lower with the exception of volatile September, which was up 11 1/4 cents with the assistance of a $29 jump in September meal futures. November beans are trading lower on wet weather, but concerns of SDS and white mold problems in parts of IL, IA and MO brought some new ideas of support. It is typically difficult to quantify national yield losses due to those diseases, just as hail losses are hard to show because the total area affected is such a small portion of the land mass. Chinese port stocks of soybeans have reportedly been drawn down after backing up to well over 7 MMT in July. Chinese futures for January 15 are trading just under $20/bushel, with soybean meal at $530/MT. Trade estimates for weekly export sales to be reported by USDA in the morning are in the 700,000 MT to 1.1 MMT range. Old crop bookings are expected to be negative or negligible.
Sep 14 Soybeans closed at $10.85 3/4, up 10 1/4 cents,
Nov 14 Soybeans closed at $10.23 3/4, down 4 1/4 cents,
Jan 15 Soybeans closed at $10.31 3/4, down 3 3/4 cents,
Mar 15 Soybeans closed at $10.39 1/4, down 3 cents,