Soybeans Futures PricesWed, Dec 11th, 2013
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Soybeans futures are currently 1 to 3 cents higher. The Dec 13 meal contract finished in positive territory yesterday, up $2.50. There have been zero deliveries against the contract, and the shorts are being pressed. USDA put US ending stocks at 150 million bushels, in line with pre-report ideas. Thus, we saw a little “buy the rumor, sell the fact” activity. USDA projected world ending stocks were 70.62 MMT, slightly higher than the November figure of 70.23 MMT. Brazilian production was UNCH at 88 MMT. CONAB in Brazil has a more inflated opinion of their crop, with an estimate of 90 MMT.
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