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The market shrugged off the announced sale of 135k tons of US soybean meal to the Philippines,” Soderberg said. “July-25 oil has surged to a 5-month high with next resistance at 49.46. Reports that the biofuel industry, big oil and the EPA support raising volume mandates for green diesel to near 5.5 bil. gallons annually from the current 3.35 bil. continue to provide fuel for the soybean oil surge.”
