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On Thursday, soybeans experienced midday gains of 9 to 12 cents, bolstered by Export Sales data. The September soy oil futures rose by 102 points, while the October soymeal futures increased by $1.40. The Export Sales report for the week of August 22 revealed 143,600 MT in net reductions of old crop, lower than the expected range of 150,000 MT. However, new crop sales reached 2.616 MMT, exceeding estimates of 1.5 to 2.5 MMT.
Notably, meal sales totaled 21,247 MT for 2023/24, while 428,921 MT was reported for 2024/25. Soybean oil sales were low at just 1,077 MT. Current prices include September soybeans at $9.70 1/2, November soybeans at $9.89, and nearby cash at $9.39 1/4.
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