Soybeans Futures PricesTuesday, May 21st, 2013
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Latest Brugler Soybeans Report
Soybean futures are currently mixed, with July continuing to rally while new crop futures are under a little pressure. July is still trying to close the expiration gap on the continuation charts, with shorts realizing that there likely be no delivery receipts again for July deliveries and electing to get out now. Port workers in Rosario, Argentina went on strike Monday seeking higher wages to keep up with inflation. The USDA crop progress report showed 24% of the crop planted compared to the 5yr average of 42%. The crop is only 3% emerged compared to the 5yr average of 14%. Cumulative US export shipments have reached 1.259 billion bushels, but are now running less than 4 million bushels per week. Consulting firm Safras & Mercado cut its projection of Brazilian production to 82.5 MMT today. That is smaller than the USDA May estimate, but still 22% above last years crop.
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