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Soybean futures are trading mostly 6.5 cents higher at midday. USDA's weekly export sales report showed 2.008 MMT (73.82 mbu) of new sales and shipments were 2.671 MMT. This was the first time this marketing year with weekly soybean sales and shipments both above the 2 MMT level. Shipments were 2.67 MMT, up more than 71% week/week and up 14.6% vs. the same week a year ago. Meal sales also exceeded pre-report trade expectations, totaling 398,000 MT for the week ending October 13. Commercial sources indicate that Chinese soy meal prices are the highest since 2014.
Nov 16 Soybeans are at $9.82, up 6 1/2 cents,
Jan 17 Soybeans are at $9.91 1/4, up 6 1/2 cents,
Mar 17 Soybeans are at $9.97 3/4, up 6 3/4 cents,
May 17 Soybeans are at $10.04 1/4, up 6 1/2 cents,