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Soybean prices are down 6 to 9.5 cents at midday, with the cmdtyView national average cash bean price at $10.53 1/4. Soymeal futures decreased by $5.40, while soy oil futures dropped by 32 points. For the week of October 2, soybean export bookings were recorded at 919,447 MT, which is 8.6% lower than the same week last year but the highest in three weeks.
The USDA announced the sale of an additional 462,000 MT of soybeans to China on Wednesday, bringing the total known sales to China for the week to 1.812 MMT. Meanwhile, commitment of traders data showed managed money increasing their net short in soybean futures and options by 9,410 contracts, bringing their net short to 38,712 contracts as of September 30.
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