Soybeans Futures PricesFri, Jul 1st, 2016
Latest Brugler Soybeans Report
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Soybean futures at midday are down 7 to 13 1/4 cents, with the nearby contracts holding the most firm. The monthly USDA crush report showed that 160.845 million bushels of soybeans were crushed in May, down from the average trade estimate of 162.5 mbu. Soy oil stocks on May 31 were reported at 2.466 billion pounds, slightly lower than the average pre-report estimate of 2.496 billion pounds. Consultant Informa this morning estimated 2016/17 US soybean production at 3.892 bbu (USDA: 3.800 bbu), with an average yield of 46.9 bu/ac. Today’s IGC report showed the group expects 2015/16 world soybean production at 312 MMT, down 2 MMT from their previous estimate citing slight reductions to Brazilian yields (USDA: 313.26 MMT). World production in 2016/17 is forecasted to be 320 MMT, steady with their previous forecast (USDA: 323.7 MMT).
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