Soybean Oil (P) Futures PricesThu, Nov 20th, 2014
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Soybean futures were mostly 15 or 16 cents higher on the day, with the January contract taking back all but 2 3/4 cents of its Wednesday loss. The USDA weekly export sales report showed 3.077 MMT was shipped out during the previous week, which was the largest so far in this marketing year. Net new export sales were relatively weak, coming in at only 487,500 MT when trade expectations ran from 600,000 MT to 1.12 MMT. Another 140,000 MT of soybeans were booked for unknown destinations and announced under the USDA daily reporting system this morning. Soybean meal sales were expected to be light or even negative, but the actual weekly total reported was 265,700 MT. The meal futures reaction was muted in the front month, but the deferred contracts were up $3.20 to $6.60.
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