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Soybean futures gained 22 1/4 to 30 3/4 cents on Wednesday, led by front month Jul16 beans. The gain in Nov16 beans followed five consecutive daily losses. The soybean meal market once again recorded significant price increases, with Jul16 meal up $18.30 on the day. The continuous meal chart closed at its highest price since December 9, 2014. Trade analysts believe 300,000 to 500,000 MT of soybeans were sold for 2015/16 delivery during the week ending last Thursday, and 300,000 to 500,000 MT were sold for 2016/17 delivery. Soymeal meal sales are estimated to be from 50,000 to 150,000 MT for 15/16, and from 50,000 to 125,000 MT for 16/17. Estimates for soy oil sales run from 10,000 to 40,000 MT for 15/16, and 0 to 10,000 MT for 16/17. The USDA will publish its actual figures tomorrow morning at 7:30 AM CDT. The Mato Grosso Institute of Agricultural Economics stated that its local farmers have purchased 55% of their inputs for their expected 2016/17 soybean production.
Jul 16 Soybeans settled at $10.85 1/2, up 30 3/4 cents,
Aug 16 Soybeans settled at $10.81 3/4, up 28 3/4 cents,
Sep 16 Soybeans settled at $10.65 1/2, up 26 cents,
Nov 16 Soybeans settled at $10.54 1/4, up 25 cents,
Jul 16 Soybean Meal settled at $407.20, up $18.30,