January soybeans opened 14 3/4 cents higher on the session at 1139 3/4 and established an early range of 1135 1/2 to 1146. A combination of a sharp drop in the US dollar, easing monetary policy in China and Central Bank stimulus efforts in Europe helped to drive soybeans and many other markets sharply higher early in the session today. A surge in equity and energy markets helped support more active buying as well. Egypt bought 33,000 tonnes of sunflower oil and 6,000 tonnes of soybean oil at a tender overnight. The early rally pushed soybeans to a 4-session high. Some talk that dryness is beginning to be a concern in parts of Mato Grosso Brazil added to the positive tone this morning. Funds were noted buyers of soybeans and the products early today. For first notice day, Meal deliveries were 116 contracts and oil deliveries were 1,824. Deliveries were about as expected.
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