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Soybean futures closed between 6 and 9 cents lower on the day. Firmness is more apparent in the late 2015 contracts. The 2014 crop was last reported as about 8% behind normal in terms of dropping leaves.SD, MN, and IA are some of the farthest behind. ASA announced this morning that Chinese buyers had signed contracts to purchase 4.8 MMT of soybeans (176 million bushels) yesterday at a ceremony in Milwaukee. This is an annual trade mission event, and the actual shipments will be spread out over the year. The dollar commitment is similar to last year, but the bushels are up due to lower prices this year.January soybeans on the Dalian exchange were at the US equivalent of $20.47. Chinese crush margins are under pressure, however, so they aren’t going to want all of those beans at once.
Nov 14 Soybeans closed at $9.80 3/4, down 8 3/4 cents,
Jan 15 Soybeans closed at $9.89 1/4, down 8 1/4 cents,
Mar 15 Soybeans closed at $9.97, down 7 1/4 cents,
May 15 Soybeans closed at $10.04 3/4, down 6 1/2 cents,
Oct 14 Soybean Meal closed at $338.30, down $0.50,