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Soybean futures fizzled after a strong start to the day, but still finished with gains of 4-6 cents on the day. The complex also was the strongest performer of the crops this week, with beans up more than 3% and bean oil even more than that. In the COT report from the CFTC, the managed money net position flipped to be net long by 284 contracts as of Tuesday, after being net short for five weeks in a row. The Brazilian trucker strike still has some roads blocked as haulers seek better terms from the government, making importers leery of near-term purchases. US export commitments as a % of total projected exports for the marketing year now equal 97%. Chinese purchases from the US of 27.47 MMT are approaching the 27.6 MMT purchased from here last year, and 2.08 MMT of outstanding sales to China remain to be shipped. The US national average basis has strengthened nearly 5 cents from a month ago. The average closing price for November soybean futures during the month of February turned out to be about $9.73.
Mar 15 Soybeans closed at $10.30 3/4, up 6 3/4 cents,
May 15 Soybeans closed at $10.31 3/4, up 5 1/4 cents,
Jul 15 Soybeans closed at $10.34 3/4, up 4 3/4 cents,
Aug 15 Soybeans closed at $10.31, up 4 cents,
Mar 15 Soybean Meal closed at $353.70, down $0.90,