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Soybeans finished the day 7.5 cents lower after the November contract traded as much as 15.75 cents lower earlier in the session. Rain showers in some key Brazilian growing areas brought some pressure, but the forecasts are shifty. Weakness in Malaysian palm oil and European rapeseed futures was also a factor. In the weekly crop progress report, USDA estimates that the crop is now 53% harvested vs. the 5yr average of 66% for this date. The crop condition rating on the Brugler500 index was unchanged from last week. Weekly export inspections reported by the USDA this morning were more than half a million metric tons larger than they were last week, with the actual figure coming in at 1,991,537 MT; that is 18% larger than the same week a year ago. Total year to date export inspections are 123% of what they were a year ago.
Nov 14 Soybeans closed at $9.44 1/4, down 7 1/2 cents,
Jan 15 Soybeans closed at $9.52 1/4, down 7 1/2 cents,
Mar 15 Soybeans closed at $9.60 1/4, down 7 3/4 cents,
May 15 Soybeans closed at $9.69, down 7 3/4 cents,
Dec 14 Soybean Meal closed at $329.40, down $1.10,