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Soybeans closed mostly 13 cents higher on the session. It looks like a short-covering rally amplified by end of the month profit taking for some big shorts, along with a bit of position squaring ahead of the USDA Quarterly Grain Stocks report. US ending stocks are expected to be around 131 mbu or 126 mbu, depending on which survey.The generous production estimates for 2014/15 would likely dampen a moderate surprise in the stocks report.Weekly export inspections came in at 687,191 MT, about 172% of the same week last year, and the market year to date total is about 150% of a year ago.After the close, the USDA weekly crop progress report showed 10% of the crop is harvested, vs. the 5yr average of 17%.The overall crop condition improved 4 points from last week on the Brugler500 Index, matching 1992 but still below 1994.
Nov 14 Soybeans closed at $9.23 1/2, up 13 1/4 cents,
Jan 15 Soybeans closed at $9.32 1/4, up 13 1/2 cents,
Mar 15 Soybeans closed at $9.40 1/2, up 13 1/2 cents,
May 15 Soybeans closed at $9.48 3/4, up 13 1/2 cents,