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Soybean futures closed 16 to 18 cents higher today, with strong support from the meal market and its $9.70/ton gain.DDG prices are firming, coming back close to corn values. There has also been more talk about a dramatic slowdown in August crush as the plants take downtime ahead of an expected record harvest. High temps and limited rainfall are stressing shallow rooted beans in the Midwest, and Chinese buying for export has been aggressive in the past week. China was said to have sold only 54,945 MT of the soybeans out of the 354,470 MT offered at its weekly government auction. Trade estimates for the USDA weekly Export Sales report in the morning are in the 1.2 to 1.6 MMT range, with most of that new crop. Unlike recent weeks, traders are not expecting net cancellations of old crop.
Aug 14 Soybeans closed at $12.01, up 17 cents,
Sep 14 Soybeans closed at $11.01 3/4, up 16 3/4 cents,
Nov 14 Soybeans closed at $10.76 1/2, up 18 3/4 cents,
Jan 15 Soybeans closed at $10.83 3/4, up 18 cents,