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Soybean futures ended the day with double-digit gains on the heels of the 5-6.5 cents added Tuesday. Funds seem to be pushing some money toward beans, perhaps on the hope of a weather scare. With record acreage on tap, it is hard to see a sustainable rally right now, however. Seven states could plant record soybean crops based on the Intentions report. Alphabetically they are Kentucky, Minnesota, New York, Ohio, Pennsylvania, South Dakota and Wisconsin. The biggest expected drops from 2014 are in Kansas and Nebraska.
May 15 Soybeans closed at $9.89 3/4, up 16 1/2 cents,
Jul 15 Soybeans closed at $9.94 1/2, up 16 3/4 cents,
Aug 15 Soybeans closed at $9.94, up 16 3/4 cents,
Sep 15 Soybeans closed at $9.80 1/2, up 16 1/4 cents,