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Soybean futures settled significantly higher on Tuesday afternoon, with prices gaining 20 to 27 cents. Nov15 beans were the strongest, surpassing $9.00 for the first time since Sept 30, and closing their highest price since Aug 17. In its Crop Progress report tonight, the USDA reported that the soybean condition was unchanged from last week, marking a score of 366 on the Brugler500 Index (2014: 386). Soybeans dropping leaves is now at 92% complete, up 1% from the average. Harvest is considerably ahead of schedule, at 62% finished vs. the 5 year average of 54%. USDA reported 1.832 MMT worth of soybeans was inspected during the week ending 10/8. Weekly inspections were up 58% from the week before, and YTD inspections are 12% larger than they were in 2014 at this time despite slow sales to China. The USDA reported under the daily reporting system that another 240,000 MT of US soybeans were sold to China for 15/16 delivery. China imported 7.26 MMT of soybeans during September, compared to 7.7 MMT in August and only 5.0 MMT in September 2014.
Nov 15 Soybeans closed at $9.14, up 26 1/2 cents,
Jan 16 Soybeans closed at $9.18 1/4, up 25 3/4 cents,
Mar 16 Soybeans closed at $9.21 1/4, up 25 1/4 cents,
May 16 Soybeans closed at $9.25 1/4, up 24 3/4 cents,