Soybean futures are currently 8 to 9 cents higher. They fell 39 1/2 to 46 cents in most contracts on Thursday, as a Chinese agreement to purchase US beans had little impact.Preliminary open interest data shows long liquidation of 11,371 contracts. That is not a lot, given the size of the price decline. July 17 soy meal was $17.60 the red, as soy oil dropped 42 points in the front month. The USDA indicated weekly export shipments of 407,368 MT, 46.2% above the previous week and 2.2% higher than the same week in 2016. Since the USDA raised their export projection for 16/17 50 mbu to 2,10 bbu, total commitments have now hit 105% of that number, while typically they are at 102%. Current year total export commitments for soybeans are now 16.1% larger than this week last year. Chinese customs data shows that the country imported 44.81 MMT during the first half of the year, a 14.2% increase yr/yr. A Chinese delegation to the US agreed to purchase 12.53 MMT of soybeans in a frame contract. Typically these agreements are followed by a few big sales revealed under the daily reporting system, with the rest of the business coming along later.

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