Latest Brugler Soybeans Report
Soybean futures are currently trading from 4 to 6 cents lower. September futures lost 36 1/4 cents or 3.66% last week. Prices found pressure from a higher US Dollar, and ideas that the US crop will keep getting bigger with plenty of moisture in most of the major growing areas during much of August. The Pro Farmer soybean yield estimate is 49.3 bpa and a 4.093 billion bushel crop. They have had a tendency to be below the USDA final production number (10 out of 14 years by one count). Weekly CFTC data in the Commitment of Traders report showed managed money accounts with a net long position that was net 25,398 contracts larger than it was a week earlier.
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