Latest Brugler Soybeans Report
Soybean futures closed 9 to 17 cents higher on the day. Impressive demand continues to provide a bullish influence and helped the May 14 contract reach a new lifetime contract high at $15.22. The May 14 meal contract was up another $3.60 at $491.00. Trader talk is that Argentine harvest is around 14% complete, which is behind the average pace for this time of year of 24% normal. Brazilian harvest is now thought to be 86% complete, with 60% of the crop believed to be sold by the producers. Traders holding short calls or short May futures are being squeezed out ahead of May futures deliveries, with few bushels available to deliver. Trade estimates for USDA weekly export sales in the morning are very modest at only 150,000-350,000 MT due to assumed old crop cancellations.
InsideFutures Grains News
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