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Soybean futures closed higher on solid new crop export sales. Bean meal is also trading higher at midday. Trade estimates for weekly export sales were from 700,000 MT to 1.1 MMT range. Old crop cancellations are not uncommon this close to the end of the marketing year, this week the USDA reported reductions of -62,800 MT for old crop beans. New crop bookings came in above the range of expectations at 1,290,800 MT. A total of more than 8.5 MMT of new crop bookings have been reported in the past 6 weeks of export sales reports. August rains are what the bean plants need to fill out their pods, but concerns of SDS and white mold problems in parts of IL, IA and MO have the market on guard. Chinese futures for January 2015 settled just under $20/bushel, with soybean meal around $530/MT.
Sep 14 Soybeans closed at $10.73 3/4, down 12 cents,
Nov 14 Soybeans closed at $10.28 3/4, up 5 cents,
Jan 15 Soybeans closed at $10.36 1/2, up 4 3/4 cents,
Mar 15 Soybeans closed at $10.43 3/4, up 4 1/2 cents,