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Soybean futures are trading higher at midday.November and January are both more than a dime higher. Weekly US export sales for soybeans were solid.Export commitments as a % of total projected exports are at 74% vs. 72% for this week last year, and 64% for the 5yr average. Meal commitments are already at 59% when they were 46% for this week last year and the 5yr average for this date is only 39%.Railroad logistics continue to be snarled, with train velocity according to one source at a multi-year low when it isn’t even winter! There were zero deliveries vs. November futures on FND. Palm oil futures in Malaysia hit the highest readings since July, providing support to soy oil.
Nov 14 Soybeans are at $10.38, up 13 3/4 cents,
Jan 15 Soybeans are at $10.41 1/2, up 11 3/4 cents,
Mar 15 Soybeans are at $10.45 3/4, up 9 3/4 cents,
May 15 Soybeans are at $10.50 3/4, up 7 1/4 cents,