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Soybean Futures Close Higher Amid Strong Export Sales; Corn Unchanged

Soybeans Move Higher as Overseas Buyers Snap Up Low-Cost Supplies.

Soybean and corn futures closed higher on Thursday on reports of strong export sales.

Exporters reported sales of 133,000 metric tons of soybeans to China and 211,171 tons to unknown buyers for delivery in the marketing year that started September 1 and sales of 1.58 million tons of corn to Mexico, the U.S. Department of Agriculture said yesterday. Exporters also reported sales of 120,000 tons of soybeans to China on Tuesday.

The USDA this morning reported soybean sales at 1.69 million metric tons in the week that ended September 22, with China buying almost half of that. Corn sales totaled 575,000 tons, with Mexico making the bulk of the purchases. 

Overseas buyers are likely taking advantage of low prices to lock in supplies. In the first three weeks of the 2016-2017 marketing year, soybean sales are up 27% from the same time frame a year earlier, and corn sales have jumped 76% year over year, according to the USDA. Actual shipments are up 78% for soybeans and 51% for corn, government data show. 

Soybean futures for November delivery gained 5 1/4¢ to $9.50 3/4 a bushel on the Chicago Board of Trade. Soy meal futures fell 90 cents to $298.50  a short ton, and soy oil futures rose 0.43¢ to 33.32¢ a pound. 

Corn futures for December delivery was unchanged at $3.29 1/4 per bushel.

Wheat futures for December delivery in Chicago fell 4¢ to $3.99 1/4 a bushel, and Kansas City futures declined 4¢ to $4.17 1/4 a bushel. 

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