Soybeans Futures PricesThu, Aug 28th, 2014
Latest Brugler Soybeans Report
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Soybean futures are currently trading few cents higher. Trade estimates for weekly export sales to be reported by USDA in the morning are in the 700,000 MT to 1.1 MMT range. Old crop bookings were expected to be negative or negligible. USDA put the actual old crop number at -62,800 MT this morning, with new crop coming in at 1,290,800 MT; 655,000 MT was booked for shipment to China. November beans have seen pressure from wet weather and presumed improved pod fill, but concerns of SDS and white mold problems in parts of IL, IA and MO are at least a little bit supportive. It is typically difficult to quantify national yield losses due to those diseases, just as hail losses are hard to show because the total area affected is such a small portion of the land mass. Chinese futures for January 15 are trading just under $20/bushel, with soybean meal at $530/MT.
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