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Soybean futures settled 1 1/2 to 2 cents higher this afternoon. Soybean meal was down $1.90 to pressure product value, but a 58 point pop in soy oil injected 6 cents back into that value. USDA announced 620,000 MT of new crop bean sales to China under the daily reporting system. Satellite firm Lanworth raised their projected US soy yield to 47 bushels per acre, but trimmed expected harvested acres to 82.4 million. Trade expectations for the weekly USDA Export Sales are 850,000 MT to 1.6 MMT for soybeans. Meal ideas are in the 150-300,000 MT range.
Nov 14 Soybeans closed at $9.82 1/2, up 1 3/4 cents,
Jan 15 Soybeans closed at $9.90 3/4, up 1 1/2 cents,
Mar 15 Soybeans closed at $9.98 3/4, up 1 3/4 cents,
May 15 Soybeans closed at $10.06 1/4, up 1 1/2 cents,
Oct 14 Soybean Meal closed at $336.40, down $1.90,