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Soybean futures saw sharp gains of 10 to 12 cents in most contracts as Jan expired at $9.44. Meal futures were up 20 cents/ton, with nearby soy oil 4 points lower. US ending stocks for the 17/18 soybean crop were increased 25 mbu to 479 mbu this morning, as exports were reduced 65 mbu. Production of old crop beans was trimmed 33 to 4.392 bbu, on a 0.4 bpa lower yield at 49.1 bpa. The Quarterly Stocks report indicated December 1 soybean stocks at 3.157 bbu, up 259 mbu from a year ago and a shade under expectations. The USDA also increased Brazilian production 2 MMT to 110 MMT, while Argentina’s production was reduced 1 MMT to 56 MMT, all in line with estimates. That boosted the world ending stocks number to 98.57 MMT.

Jan 18 Soybeans closed at $9.44, up 3 1/2 cents,

Mar 18 Soybeans closed at $9.60 1/2, up 10 1/2 cents,

May 18 Soybeans closed at $9.72, up 11 cents,

Aug 18 Soybeans closed at $9.83 3/4, up 10 1/4 cents,

Jan 18 Soybean Meal closed at $309.80, up $0.20,

Jan 18 Soybean Oil closed at $32.93, down $0.04

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