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“July soybeans are up 10 cents to $11.40 while November is up 11 cents to $11.57-1/2,” Total Farm Marketing said. “If the Chinese purchases do not materialize, this rally could be sold. July soybean meal is up $4.00 to $308.80 and July soybean oil is up 0.26 cents to 73.18 cents. Soybean oil stocks held by NOPA members fell to a five-month low in May and came in below trade expectations. The tighter-than-expected soybean oil inventory level helped support nearby CBOT soybean oil futures.”
