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Soybean futures are benefititng from higher soybean oil and are mostly trading around a dime higher at midday with Nov16 at $9.92 3/4 and Jan17 at $10.02 3/4. The November contract reached as high as $9.99 3/4 before selling off until it found support in the $9.85 area. Weekly export inspections reported by USDA this morning were the largest so far this marketing year at 2.739 MMT. That figure is up 9.2% vs. last week and +2.78% vs the same week last year. Traders are looking for NASS to show about 77% of the US crop harvested in today’s report. Weekly data from the CFTC (released Friday) showed managed money accounts adding longs and getting out of shorts. Commercial accounts had a week/week net change that left them 21,000 contracts more short than a week earlier.
Nov 16 Soybeans are at $9.92 3/4, up 9 3/4 cents,
Jan 17 Soybeans are at $10.02 3/4, up 10 1/2 cents,
Mar 17 Soybeans are at $10.09 1/4, up 10 1/2 cents,
May 17 Soybeans are at $10.15 3/4, up 10 1/4 cents,