Soybeans were higher on commercial and technical buying. Crush margins remain strong with a record September NOPA member crush and a big drop in bean oil stocks. Soybean oil did finish lower on profit taking, despite NOPA soybean oil stocks being reported at near ten-year lows, while soybean meal was up on demand expectations and the adjustment of product spreads. The U.S. harvest is faster than average with generally favorable weather. The USDA did cut yield expectations this month, the question is how much further those projections might fall in the next round of estimates November 9th, after harvest activity has likely wrapped for the year.
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