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January Soybeans finished up 20 1/4 at 1449 1/2, 11 1/4 off the high and 13 1/2 up from the low. November Soybeans closed up 20 3/4 at 1313. This was 18 up from the low and 1 3/4 off the high.
January Soymeal closed up 7.2 at 421.6. This was 6.1 up from the low and 3.7 off the high.
January Soybean Oil finished up 0.75 at 52.43, 0.24 off the high and 0.49 up from the low.
March soybeans traded sharply higher on the day as the US Dollar moved lower but strong export demand continues to add a supportive tone to the market. Untimely rainfall in areas of Brazil has also added a positive short term sentiment to the market as harvest is delayed. The USDA announced this morning that US private exporters sold 120,000 tonnes of soybeans to China for the 2013/14 marketing year. Healthy domestic crush margins has kept China active in the world soybean market as suppliers attempt to shift to the new crop harvest in South America. Rainfall in Mato Grosso delayed harvest for some areas over the weekend which is helping to support the trade today. Thoughts that early sales out of Brazil may need to be shifted over to the US is positive to the market amid a tightening supply outlook for the US. Inspections were positive for price direction today with 48.1 million bushels shipped vs. 39.1 the week prior and this was well above the 13.5 million bushels needed each week to reach this crop years USDA export estimate. The cumulative shipment pace is now 68% of the USDA estimate vs. the 5 year average of 52%.
*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.