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On October 11, 2023, soybean contracts closed steady to fractionally higher, with the cmdtyView national average cash bean price at $9.32 3/4, a slight increase of 1/4 cent. September’s NOPA data indicated that 197.86 million bushels of soybeans were crushed, surpassing the estimate of 186.34 million bushels, reflecting a 4.24% increase from August and an 11.59% increase year-on-year.
Additionally, soybean oil stocks were slightly down by 0.17% from August at 1.24 billion pounds, but still represented a 16.6% increase from the previous year. For the week of October 9, soybean sales projections ranged between 0.4 and 1.4 million metric tons, while bean meal sales were expected between 150,000 and 400,000 metric tons.
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