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Soybean futures closed lower on the weekend, with November contracts down 5 ¾ cents at $10.18 and nearby cash prices at $9.40, also down 5 ¾ cents. Meanwhile, the average close for November soybeans in early October is reported at $10.18, impacting harvest price discovery for crop insurance.
In harvesting conditions, regions in southeastern Nebraska, Iowa, and the Dakotas are expected to receive 1 to 2 inches of rain this week, which may pause harvest activities. Other areas are forecasted to see less than ½ inch of rain.
Additionally, the government shutdown has led to a delay in Monday’s Crop Progress report.
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