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Soybean futures are currently trading more than a dime higher following release of the monthly USDA reports. NASS cut the acreage figures by 1.1 million acres, and raised the national average yield by just a tenth of a bushel to 47.2 bpa. That makes for US production 3.888 bbu and about 23 mbu smaller than the average trade estimate. It is down 47 mbu from the September figure. USDA raised the crush estimate 10 mbu, and cut the 15/16 export figure by 50 mbu from last month. New crop ending stocks slipped 25 mbu to 425mbu, consistent with trade pre-report estimates. The official projection for new crop Brazilian production jumped 3MMT from last month to 100 MMT. The Brazilian agency CONAB estimates the 2015/16 Brazilian soybean crop production between 100.1 and 101.9 MMT. Under the daily reporting system this morning, private exporters reported to the USDA that 360,000 MT of US soybeans were sold to China for 15/16 delivery.
Nov 15 Soybeans are at $8.94, up 12 3/4 cents,
Jan 16 Soybeans are at $8.98 1/2, up 12 1/4 cents,
Mar 16 Soybeans are at $9.02 1/4, up 12 1/4 cents,