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Soybean futures finished the session 3 to 5 1/4 cents higher, after being as much as 15 3/4 cents higher at one point during the day. The Nov16 contract was up 5 1/4 cents today. More delays to the Argentinean soybean harvest continue to support US beans. US Soybean export sales during the week ending April 28 are estimated to be between 600,000 MT and 1.0 MMT. Soy meal sales are projected to land between 125,000 and 375,000 MT, and soy oil sales are predicted to be 0 to 15,000 MT. The official USDA figure will be released tomorrow morning at 7:30 AM CDT. FC Stone cut its Brazilian soybean production estimate by 1.0 MMT to 96.5 MMT (USDA: 100.0 MMT). Celeres is still at 99.9 MMT. Average Tuesday US export prices of $394/ton were $6/ton below those of Brazil, according to the IGC. Average Argentinean prices were still $8/ton below the US offers. A survey of trade analysts shows Canadian canola stocks are expected to be 7.3 MMT as of March 31, versus 8.3 MMT on March 31, 2015. Stats Canada will release its official figures on Friday.
May 16 Soybeans settled at $10.24 1/2, up 3 cents,
Jul 16 Soybeans settled at $10.34, up 4 cents,
Aug 16 Soybeans settled at $10.36, up 4 cents,
Nov 16 Soybeans settled at $10.15 1/2, up 5 1/4 cents,