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Soybean futures finished 7 1/2 to 9 3/4 cents higher on Turnaround Tuesday, with front month Aug16 beans leading the way. However, the nearby contracts closed around 9 cents below their intraday highs. There will reportedly be another 600,000 MT of state reserve soybeans offered at Chinese government auctions this week. Chinese futures prices are down nearly $1.60 per bushel since July 1. Yesterday’s USDA Crop Progress report showed week over week improvements to the IL, IN and IA soybean conditions, up 13, 4 and 8 points respectively on our Brugler500 Index. These three states produced around 35% of all US soybeans in 2015/16. The Dakotas, which accounted for nearly 11% of US soybean production in 15/16, saw conditions worsen by 14 and 25 points throughout the course of the last week. Several key states reported faster than average pod set, including IL (+6 points), IA (+17 points), and MN (+15 points).
Aug 16 Soybeans settled at $9.93 1/2, up 9 3/4 cents,
Sep 16 Soybeans settled at $9.85, up 8 1/4 cents,
Nov 16 Soybeans settled at $9.73 3/4, up 7 1/2 cents,
Jan 17 Soybeans settled at $9.74 1/2, up 7 1/2 cents,