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Soybean futures settled sharply lower into the close, following a new intraday high for the move at $10.02 this morning.The November contract was up more than 25 cents this week, thanks in part to a 30 cent bounce on Thursday after the USDA reported net weekly export sales at 2.17 MMT, showing strong export demand.The domestic crushers want to get their hands on the beans too, in order to make good on their export commitments for soybean meal. Front month meal futures were up $20 on the week; a gain of more than 6% from last Friday.The weekly Commitment of traders report from the CFTC showed managed money accounts getting less-short, but by a measly 853 contracts.They are still net short 16,337 contracts.The run off presidential election in Brazil is this weekend and is too close to call.
Nov 14 Soybeans closed at $9.77 1/2, down 15 3/4 cents,
Jan 15 Soybeans closed at $9.83 1/4, down 16 3/4 cents,
Mar 15 Soybeans closed at $9.90, down 16 1/2 cents,
May 15 Soybeans closed at $9.96 3/4, down 15 3/4 cents,
Dec 14 Soybean Meal closed at $350.20, down $2.20,