Soybeans Futures PricesFri, Jul 1st, 2016
Latest Brugler Soybeans Report
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Soybean futures are currently down a penny for July and four cents for Nov16 after surging 21 3/4 to 40 3/4 cents on Thursday following the USDA reports. USDA showed an increase of only 1.452 MA of soybeans from the March intentions, putting acreage at 83.688 MA. The market sold the rumor and bought the fact. Soybean stocks in all positions were 869.92 mbu, which was 38.925 mbu above the average trade expectation, and 242.925 mbu larger year/year. USDA weekly export sales were reported on the upper end of pre-report trade estimates, at 730,000 MT for old crop and 798,000 MT for 2016/17. The old crop number is particularly strong for this time of year. There were 592 delivery notices overnight vs. July futures, only 3 less than were put out the night BEFORE the 40 cent rally.
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