Soybeans Futures PricesFri, Jul 25th, 2014
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Soybean futures are currently mixed, with the old crop slightly higher and the new crop losing more territory. The 1.2835 MMT of new crop bookings to China in the weekly export sales report yesterday morning must not have been bullish enough to spook the bears for more than a day. According to the USDA announcement this morning, another 360,000 MT was reported sold to China by private exporters. Mexico bought 134,700 MT of soybean meal for delivery in the 2014/15 marketing year. Old crop FOB basis was up sharply earlier in the week, reflecting a need to get some beans past the crush plants to the port. South American producer selling rose sharply on the rally yesterday.
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