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Soybean futures were down 8 cents to a dime today. The attaches in Brazil and Argentina estimated the 15/16 soy crop at 97 MMT and 57 MMT respectively, each steady with the September WASDE, but with 1 MMT fewer Brazilian exports at 53.5 MMT. The USDA Export Sales report this morning showed 2.28 MMT of soybeans were sold during the week ending last Thursday. Of that, 995,600 MT was 16/17 beans, setting a new marketing year high. These were assumed to be part of the Chinese frame contract. Total sales declined by 9% from the week before. Total soybean commitments are about 7.739 MMT behind year ago but gaining ground. Meal sales netted 275,700 MT, and oil sales were 8,500 MT. The soy meal marketing year began on Oct 1.
Nov 15 Soybeans closed at $8.81 1/4, down 9 3/4 cents,
Jan 16 Soybeans closed at $8.86 1/4, down 8 3/4 cents,
Mar 16 Soybeans closed at $8.90, down 8 3/4 cents,
May 16 Soybeans closed at $8.94 1/2, down 8 1/2 cents,
Oct 15 Soybean Meal closed at $303.80, down $1.40,