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July Soybeans finished up 14 1/4 at 1548 1/2, 2 1/4 off the high and 18 1/4 up from the low. November Soybeans closed down 3/4 at 1275 1/4. This was 4 1/2 up from the low and 9 1/2 off the high.
July Soymeal closed up 16.2 at 479.5. This was 17.5 up from the low and 0.6 off the high.
July Soybean Oil finished down 0.23 at 46.4, 0.52 off the high and 0.13 up from the low.
The soybean market traded mixed on the day with strong support seen in the July contract yet November soybeans probed into negative territory throughout the session. Strong basis in the interior of the US plus short position liquidation in the July contract was seen as supportive to the old crop market. Export sales finally showed signs of slower growth in today's report for soybeans, meal, and oil. Net weekly export sales for soybeans came in at 14,500 tonnes for the current marketing year, down from 53,000 tonnes the week prior and new crop sales totaled 451,100 tonnes which took the report total to 465,600. The USDA reported that US private exporters sold 172,500 tonnes of soybeans to an unknown destination for the 2013/14 marketing year. As of June 20th, cumulative sales stand at 101% of the USDA forecast versus a 5 year average of 99%. Net meal sales came in at 9,200 tonnes for the current marketing year and 100 tonnes for the next marketing year for a total of 9,300. Cumulative meal sales stand at 99% of the USDA forecast versus a 5 year average of 86%. Sales of 7,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 2,900 tonnes for the current marketing year and cumulative sales stand at 89% of the USDA forecast versus a 5 year average of 81%. Sales of 8,000 tonnes are needed each week to reach the USDA forecast.
*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.