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Soybean Meal Jul '17 (ZMN17)

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Brugler report

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Mon Apr 24, 7:24AM CDT
Soybean futures are trading 6 to 7 cents higher this morning after since settling 3 3/4 to 5 3/4 cents higher on Friday. Soymeal was up $1.70 in the front month, but lost 2.49% since the previous Friday. May 17 Soy oil was 2 points higher, with gains of 75 points over the week. Managed money added 16,095 contracts to their net short position in soybean futures & options for the week ending April 18. The Stats Canada report released Friday morning showed the country’s canola producers intending to plant 22.39 million acres, higher than most expected and 9.92% larger than last year. The report also showed intended Canadian soybean acreage increasing 27.47% yr/yr to a still small 6.96 million acres. Traders had been looking for only 6 million.
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