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Soybeans saw gains of 3 to 6 cents on Monday, with cash prices rising 5 3/4 cents to $9.54 1/4. The USDA reported soybean export shipments at 452,151 MT during the week ending September 4, down 8% from the previous week, but 23.78% higher than the same week last year. Notably, 134,784 MT were shipped to Mexico, with additional shipments of 75,160 MT to Indonesia and 58,617 MT to Japan.
Managed money reduced their net long position in soybean futures and options by 8,854 contracts, bringing the total to 11,964 contracts as of September 2. Additionally, China imported 12.28 MMT of soybeans in August, a 1.15% increase from last year, primarily from Brazil.
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