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Soybean futures were steady to two cents higher on Monday, marking the fifth daily uptick in prices out of the last six sessions. Most contracts closed just two cents higher than the daily low, but 7 cents off the highs set early in the session. US production for the 15/16 crop is estimated at 3.888 bbu, about 23 mbu smaller than the average trade estimate and down 47 mbu from the September figure. Statewide average yield estimates climbed by a point in MN, MO, and IN, and by two in OH. Yields in IA (53 bu/ac), MI (46 bu/ac), MN (48 bu/ac), NE (56 bu/ac), and SD (46 bu/ac) are each projected to set new statewide average records. The USDA cut the 15/16 export figure by 50 mbu from last month due to slow export sales, but expected new crop ending stocks were 25 mbu smaller. Estimated Brazilian exports climbed by nearly 2 MMT to 56.45 MMT.
Nov 15 Soybeans closed at $8.87 1/2, up 1 3/4 cents,
Jan 16 Soybeans closed at $8.92 1/2, up 2 cents,
Mar 16 Soybeans closed at $8.96, up 1 3/4 cents,
May 16 Soybeans closed at $9.00 1/2, up 1 1/2 cents,