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Soybean prices increased by 7 to 9 cents on Wednesday, with the cmdtyView national average Cash Bean price rising by 8.5 cents to $10.61. Soymeal futures were steady to 60 cents higher, while Soy Oil futures rose by 38 to 41 points. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday, which is also the first notice day for December meal and oil futures.
On late Tuesday, reports indicated that China purchased another 10 cargoes of U.S. soybeans for January shipment. Additionally, the Commitment of Traders data from 10/14 revealed soybean speculators held a net short position of 391 contracts, which was a slight increase of 38 contracts during that week.
As of publication, January 26 soybeans are priced at $11.33 1/4 (up 8.5 cents), nearby cash is at $10.61 1/2 (up 8.5 cents), March 26 soybeans at $11.42 1/2 (up 7.75 cents), and May 26 soybeans at $11.52 1/4 (up 7.25 cents).
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