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Soybeans closed with double digit gains and November settled 20 cents higher. Dec meal futures were up $13.50 on the day. The gains can be attributed to concerns over wet weather delaying harvest, as well as an overall friendly attitude toward the grain complex in the market today. USDA estimates that the national harvest is about 13 points behind the 5yr average. IL is only 37% complete vs 66% average, while IN is 31% complete vs. 62% average. ND and SD are actually the farthest ahead of normal, with ND 12 points ahead, and SD 11 points ahead of their respective 5yr averages. Weekly export inspections were a strong this week, at 18% larger than the same week last year. Total year to date export inspections are 123% of a year ago.
Nov 14 Soybeans closed at $9.64 1/4, up 20 cents,
Jan 15 Soybeans closed at $9.71 3/4, up 19 1/2 cents,