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Soybean futures ended the day mostly 7 to 8 cents higher, after showing gains of nearly 12 cents around noon. January bean meal was up $4.90 on the day and March meal closed $5.20 higher. The Jan/Mar meal spread is at $11.20 after getting down to $8.10 last Tuesday. It was as much as $22 at the end of October. Bean oil was higher on the day as well, finding some added support from strength in the canola market today. Export inspections in the weekly USDA report were 2.234 MMT, which was up 18.6% from the previous week, and up more than 48% compared to the same week last year. Year to date inspections are 124.5% of a year ago. The Brazilian weather is largely favorable for the developing crops, but most of Parana and parts of RGDS and Sao Paulo look like they could use a rain.
Jan 15 Soybeans closed at $10.38 1/4, up 7 3/4 cents,
Mar 15 Soybeans closed at $10.45 3/4, up 7 1/4 cents,
May 15 Soybeans closed at $10.53 1/2, up 7 1/2 cents,
Jul 15 Soybeans closed at $10.59 3/4, up 7 3/4 cents,