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Soybean futures closed 7 to 8 cents higher today, extending gains from last week. The monthly grain crushings report will be published tomorrow. This morning, the USDA reported that 1.835 MMT of soybeans were inspected for export during the week ending Nov 26. As of last Thursday, year to date inspections have reached 19.969 MMT, about 7% smaller than this point a year ago. The Commitment of Traders report this afternoon showed that, as of last Tuesday, managed money soybean accounts slightly increased their net short position by 624 contracts. The updated position as of 11/24 was 52,925 contracts net short. Brazilian planting is now estimated to be 81% completed, up from 71% last week but still lagging year ago.
Jan 16 Soybeans settled at $8.81, up 8 cents,
Mar 16 Soybeans settled at $8.83 1/4, up 7 3/4 cents,
May 16 Soybeans settled at $8.89 1/2, up 7 3/4 cents,
Jul 16 Soybeans settled at $8.95 1/4, up 7 1/4 cents,