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Chicago Soybeans: futures were trading around the $16 per bushel not far from a record high of $17.5 hit in late April supported by prospects of solid demand for US crops.

As global supplies remain limited amid adverse weather in South America and ongoing shipment disruptions from the Black Sea region.

New-crop soybean sales are up 64% from a year earlier at 10.7 million, signaling that demand will remain strong into 2023 and reflecting top buyers’ concerns that global supplies may remain tight for at least another year.

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