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Soybean contracts surged by 20 to 28 cents on Monday, with the cmdtyView national average Cash Bean price rising to $10.78 1/4, an increase of 28 1/4 cents. Soymeal futures gained $6.40, while Soy Oil futures increased by 90 to 100 points.
The Export Inspections report for the week of November 13 revealed that 1.176 million metric tons (43.22 million bushels) of soybeans were shipped, marking a 4.6% increase from the previous week but a 48.1% decrease compared to the same week last year. Italy was the top buyer, importing 199,425 metric tons, followed by Mexico with 196,653 metric tons and Egypt with 176,415 metric tons. Year-to-date shipments totaled 10.109 million metric tons (371.46 million bushels), a 42.5% increase from the same period in the prior year.
Additionally, NOPA reported a record 227.65 million bushels of soybeans crushed in October, a 13.86% rise from last year and 15.05% above September. Soybean oil stocks stood at 1.305 billion pounds, up 22.16% from the previous year and 4.9% larger than September.
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