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Soybean futures are currently 3 to 4 cents higher after settling mostly 4 1/4 to 6 cents in the green on Friday. July 17 soy meal was up 30 cents, with soy oil 37 points higher in the front month. The CFTC reported that managed money spec funds backed off their net short position by 15,064 contracts as of June 13, to -79,673 contracts in soybean futures and option trading. The BAGE estimates that soybean producers in Argentina have harvested 94.5% of their crop. Sources at the Soybean Export Council told Reuters that the Chinese buying team due in Iowa during July could commit to buying a record quantity of soybeans (>13.4 MMT). Such a large quantity would make the currently lagging new crop commitments look a lot more bullish, even if this is a frame agreement that takes months and months to sell and ship.
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