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Soybean futures price maintained $11.80 per bushel through afternoon trading. The demand impulse from India, ramping up imports due to local crop shortfalls, may amplify global price strength if sustained over several months. The efforts so far are failing to offset the loss of the country's biggest customer for the crop, data and interviews show, with financial pain extending to tractor makers and other agricultural businesses. Significant differences between the immediate post-report price reaction and the overall price change on the report day like those observed last week are rare. Other than the most recent WASDE, there are only two exceptions to the idea that post-report-release and overall daily price changes move in the same direction on USDA report days. The first was the June WASDE, where the corn and soybean price reactions were extremely small. The second was the June Acreage report reaction for soybeans where prices fell more than a dime immediately after the report but were up just slightly on the day. In none of these cases was there such a discrepancy between how the market viewed the report at first glance versus its view with some time for further interpretation. Soybean futures price recorded a session high of $11.88 per bushel after overnight buying from Asian importers. Traders expect near-term resistance at $12.00 but believe sustained demand could trigger a breakout, especially amid global feedstock supply pressures.
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