Soybeans Futures PricesWed, Sep 28th, 2016
Latest Brugler Soybeans Report
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Soybean futures settled with losses from 6 1/4 to 7 cents on Wednesday, despite export sales announcements that were more than double those from the day before. Private exporters reported to the USDA this morning that 211,171 MT of soybeans were sold to unknown destinations and another 133,000 MT were sold to China. The average pre-report trade estimate for Friday's report showing Sept. 1 soybean stocks in all positions is 200 million bushels(mbu), but there is a 98 mbu difference between the low and high guesses. Some analysts are looking for an adjustment to 2015 soybean production, but the jury is still out on the direction of the shift. Dow Jones published expectations for the weekly Export Sales report on Thursday morning with new soybeans sales forecast to be between 1.0 and 1.4 MMT. Meal sales could be anything less than 200,000 MT, and bean oil sales could be net reductions of as much as 15,000 MT or new sales of as much as 40,000 MT.
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