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On Tuesday, soybean futures increased by 1 to 3 cents, with the cmdtyView national average cash bean price rising by 1.75 cents to $10.52. The USDA reported delayed export sales data for the week ending October 9, showing bean exports at 785,003 metric tons (MT), significantly lower than the 0.5-1.4 million MT trade estimates and 53.9% below last year’s figures. Notably, China did not make any purchases.
Meal sales were reported at 358,406 MT, exceeding the estimates of 150,000-400,000 MT, while bean oil sales stood at 1,924 MT, below projections of 5,000-30,000 MT. Additionally, the Commitment of Traders data indicated soybean speculators held a net short position of 391 contracts as of October 14, reflecting a small increase of 38 contracts during the week. ANEC estimates Brazilian soybean exports for November at 4.4 million MT, a reduction of 310,000 MT from previous estimates.
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