Latest Brugler Soybeans Report
Soybean futures finished the Thursday trade mixed, with prices ranging from 3 cents down to 2 cents higher. Contracts traded within an 18-23 cent range on Thursday. Soybean prices saw prices increase by 43 cents from June 26th. This morning, USDA reported net soybean sales of 117,200 MT, after a net reduction of -10,300 MT of old crop. New crop sales dropped by 37% week over week; total net sales dropped 63.5% from the week ending June 18. Soy meal sales totaled 263,700 MT (a 16% decline from the previous week but on the upper end of expectations) while soy oil sales were 5,300 MT. Informa reduced its soybean production estimate this morning to 3.808 bbu, compared to 3.850 bbu by USDA in the June WASDE. Reuters reports that India has approved a $7.9 billion irrigation expansion over five years in order to increase productivity in rural dry areas, lessening its reliance on the summer monsoon season.