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Soybean futures increased following better-than-expected data from the National Oilseed Processors Association (NOPA), with November soybeans rising to $10.09 1/2, a gain of 3 cents. NOPA’s report indicated a crushing of 197.86 million bushels of soybeans in September, exceeding the 186.34 million bushel estimate and marking an 11.59% increase year-over-year.
In related market movements, the cmdtyView national average cash bean price is now $9.35 3/4, also up 3 cents. Soymeal futures are up $1.80 to $1.90, while soy oil is up 30 to 31 points. Additionally, President Trump announced he is considering terminating business with China concerning cooking oil and other trade elements due to China not purchasing U.S. soybeans.
Soybean oil stocks were reported at 1.24 billion pounds, which is 16.6% above last year’s figures but 0.17% lower compared to the end of August.
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