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Mid-Session Soy Complex Market Report for 7/3/2008

November soybeans opened 18 cents lower on the session at 1612 and established an early range of 1607 1/4 to 1625. The weaker than expected open was followed by a firming trend to higher levels this morning. Weather is less of a factor for soybeans than for corn, but slightly milder forecasts for next week have reduced concerns about possible crop stress later next week. This morning's early trade was said to be mainly evening up ahead of the long holiday weekend. Meal gained on oil to start the day. Funds were strong buyers yesterday across the floor and traders indicate that they will be sensitive to indications of late buying by funds today. This week's Export Sales Report showed strong sales for soybeans and meal and weak sales again for oil. Net soybean sales for old crop were 465,900 tonnes with new crop sales at 176,500 tonnes. Total sales have already exceeded the USDA projection for this year and stand at 101.5% of the projected total. This compares to a 5-year average of 99.6%. In meal, net old crop sales were 158,100 tonnes with net new crop sales of just 200 tonnes. Sales of 89,300 tonnes are needed each week to reach the USDA projection. Total meal sales to date stand at 85.6% of the projected total compared to a 5-year average of 82.6%. In oil, net old crop sales were just 6,100 tonnes with zero sales again this week for new crop. Sales of 26,300 tonnes are needed each week to reach the USDA projection. Census soybean oil stocks data were released this morning. Oil stocks for the end of May came in at 2.972 billion pounds versus 2.917 billion the previous month and 3.311 billion a year ago.




 
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