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US soybean futures on the Chicago Board of Trade bounced on Monday, after flirting near one-year lows last week, supported by the stability in the Dow industrials and firm cash markets, traders said. November soybeans ended 29-1/4 cents higher at $8.93 a bushel, above its 10-day moving average of $8.88-3/4.
December soymeal closed $8 higher at $276.30 per ton amid strong cash values as processors try to source beans. December soyoil ended 0.25 cent at 31.72 cents per lb, pressured most of session by depressed crude oil prices. Commodity funds bought 4,000 soybean contracts, 2,000 soymeal and 1,000 soyoil -traders
Dow industrials were up about 120 points when CBOT grains and soy markets closed. Later the Dow was down 200 points. US Midwest spot basis bids for soy were stronger at interior points, supported by slow farmer sales and good demand -dealers.
USDA said late Monday 76 percent of soy crop harvested, versus 83 percent for seasonal pace and trade estimates for 80 percent. Mostly clear skies this week will help farmers finishing soy harvest -forecaster. USDA to issue corrected October crop report at 8:30 am EDT (1230 GMT) Tuesday. Talk of fresh Chinese interest in US soy -traders.
Strong weekly export inspections supportive. USDA said 41.3 million tonnes of soy inspected last week, compared to estimates for 30 million-40 million. More than half of inspected soy earmarked for China. Large speculative funds turn net short in CBOT soybean futures/options in week ended October 21. Spec funds were net short roughly, 2,200 contracts. The last time they were net short was October 2006 -traders.

Copyright Reuters, 2008

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