Soybean Oil Futures PricesFri, Sep 4th, 2015
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Soybean futures settled mostly 4 to 4 1/2 cents lower this afternoon, after Nov15 beans posted a 14 1/4 cent trading range on the session. Nov15 beans are off 12.7% from the latest peak on August 10. In the weekly report published this morning USDA said 1.472 MMT of old and new crop soybeans were sold during the week ending last Thursday. The total was well above the 550,000 MT to 1.15 MMT industry analysts were expecting, and was the largest reported for any week since December 2014. Soybean meal sales also exceeded industry expectations, netting 204,500 MT. Soybean oil sales came in 1,000 MT below the range of expectations at just 4,000 MT. Under the daily reporting system, USDA reported that China bought an additional 110,000 MT of soybeans, and unknown destinations booked 773,400 MT, both for 2015/16 delivery.
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