Soybean Oil (P) Futures PricesTue, Jul 7th, 2015
Latest Brugler Soybean Oil (P) Report
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Soybean futures finished Tuesday sharply lower, off 29 to 32 points, with more weakness in the front month. July has lost 43 1/4 cents so far this week, and the national average basis was more than 11 cents weaker on Monday night than it was just a week earlier. Some of the projected acreage was still unplanted as of Sunday night, but the market saw the crop condition ratings hold steady from a week earlier. Global economic concerns and prospects of a stronger US Dollar likely caused some of the spec longs to take some money off the table ahead of the WASDE report scheduled for Friday where many expect to see larger South American production.
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