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Soybeans are currently trading in the green after posting double digit losses on Wednesday. A sagging dollar index today is helping the beans float higher. The Stats Canada estimated 14/15 canola production figure came in below the range of pre-report trade estimates and, if realized, would be down 22.5% from last year. Soy oil is modestly higher on the news. This morning, USDA reported net reductions for US old crop soybeans export sales of -89,600 MT for the week ending August 14, as China and unknown cancelled a total of 127,700 MT. It looks like they were rolling them into the next marketing year because new crop soybean sales were reported at 1,420,600 MT, with China the largest buyer, booking 947,900 MT. The new crop total was well above pre-report trade estimates. Next marketing year soybean export commitments are now 677,274 MT larger than they were at this point a year ago. Combined 13/14 and 14/15 bean meal sales were 178,400 MT, and the bean oil total was 20,700 MT.
Sep 14 Soybeans are at $11.32 1/2, up 12 3/4 cents,
Nov 14 Soybeans are at $10.42 1/2, up 4 1/2 cents,