Soybeans Futures PricesThu, Apr 24th, 2014
Latest Brugler Soybeans Report
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Soybean futures closed 6 to 10 cents higher on the day. The Aug14 contract was the strongest. May options expire on Friday and some positioning around potential options “pin” prices was noted. According to a Reuters article released overnight, three Marubeni grain division employees were detained in China for smuggling/tax evasion charges. Trade ideas for USDA weekly export sales were 50,000-750,000 MT. USDA put the actual figure at only 119,000 MT (including 118,200 MT for 14/15). Total commitments as a % of total exports are now at 104% compared to 100% last year and the 5 year average of 96%. Stats Canada reported intended canola plantings were 19.8 million acres, down from 19.9 million a year ago. Traders were expecting something a million acres higher, but suspect that actual plantings will be larger if the weather cooperates.
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