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CBOT soy futures have surged in the wake of a US Department of Agriculture report on Friday showed smaller-than-expected US soy supplies and planted acreage. CBOT August soymeal were up 40 cents at $316.90 per ton as of 10:34 a.m. CDT (1534 GMT), near Wednesday's $318.30.
Animal feed buyers were holding off on soymeal purchases in hopes that prices decline. Futures had tumbled to a more than one-year low in late June before rallying in the past week.
"Most buyers don't believe we'll hang at these levels on the board, so it's stagnating the markets," a US soymeal export trader said in a note to clients.