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Soybeans

September soybeans closed at USD10.13, up 13 cents; September soybean meal finished at USD306.30, up USD6.60; September soybean oil closed at 39.49, up 35 points. A July crush of 129.073 million bushels was higher than trade expectations. Weekly export sales of 167,700 MT for delivery in 2009/10 and 824,100 MT for delivery in 2010/11 were in line with expectations. China took 114,800 MT of old crop and 175,000 MT of new crop.

Corn

September corn closed at USD4.16 1/2, up 11 3/4 cents; December corn closed at USD4.32, up 12 cents. Private exporters announced the sale of 156,527 MT of corn to Japan today. Weekly export sales were 42,265 MT for 2009/10 delivery and 1,693,601 MT for 2010/11 delivery. That was above expectations for sales of 1.0-1.2 MMT. Japan and Egypt were the main buyers of the new crop

Wheat

Sept CBOT wheat closed at USD6.56 1/2, up 8 3/4 cents; Sept KCBT wheat closed at USD6.91, up 14 3/4 cents; Sept MGEX wheat closed at USD7.00 1/4, up 10 cents. Weekly export sales were better than trade estimates at 1,077,600 MT. The USDA attaché said the Russian wheat crop will drop to 41 MMT, that's the lowest trade estimate yet. The IGC dropped their estimate to 44 MMT today.