Soybeans Futures PricesWed, Mar 12th, 2014
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Soybean futures are currently 18 to 32 cents lower at midday. Rumors of China cancellations were said to be the cause of the early weakness which started during the globex session last night. Thus far no confirmations of cancellations have been reported. South American basis has been weakening this week, reinforcing suspicions that China did in fact cancel some nearby shipments due to port congestion at their end. There were 44 deliveries put out against the Mar 14 contract overnight, with Rosenthal being the largest stopper of 38 contracts. Preliminary OI was up 7,670 contracts, net new selling. CONAB lowered projected Brazilian soybean production sharply to 85.4 MMT late this morning, down from 90 MMT.
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