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January Soybeans finished down 3 1/4 at 1427, 11 1/2 off the high and 6 up from the low. November Soybeans closed up 7 at 1292 1/4. This was 10 1/2 up from the low and 2 3/4 off the high.
January Soymeal closed up 0.4 at 414.4. This was 2.8 up from the low and 2.2 off the high.
January Soybean Oil finished up 0.19 at 51.68, 0.07 off the high and 0.61 up from the low.
March soybeans traded both sides of the unchanged on the day on light profit taking ahead of the weekend. Strong domestic crush demand and explosive export sales data continues to add underlying support to the market. A Chinese agency released trade statistics overnight and reported that domestic crushers bought a total of 1.8-1.98 million tonnes of soybeans from the US, Brazil, and Argentina in the last week compared to 1.2 million tonnes normally. Stronger domestic crush margins helped to boost purchases from all the major world suppliers. The South American weather forecast was unchanged on the day with a warm and dry pattern settling into Southern Brazil and Argentina over the next 7-10 days while scattered showers will persist in areas of Northern Brazil. There is a chance for light showers in areas of Argentina late next week but confidence is low at this point. Harvest has begun in Mato Gross but light showers are delaying progress in some areas. A private analyst released new 2013 planting intention estimates today and pegged the 2013 soybean acreage at 78.78 million acres vs. 78.96 in December and against the USDA estimate of 77.2 for the current crop year.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.