Latest Brugler Soybeans Report
Soybean futures traded fractionally lower today, after settling fractionally higher on Tuesday. Effective February 15, Russia is rumored to be banning all US corn and soybean imports due to alleged phytosanitary safety concerns. That country is not a significant buyer from the US of those commodities. Pre-report estimates for the weekly Export Sales report range between 300,000 and 650,000 MT worth of soybean sales during the week ending 2/4. Soy meal sales are expected to be reported from 100,000 to 250,000 MT, and soy oil sales are estimated to land between 0 and 25,000 MT. On Tuesday, the USDA left its estimate for US soybean exports unchanged at 45.99 MMT, but slightly reduced its estimate for US consumption, down 0.27 MMT to 54.73 MMT. The global crush figure was slightly higher than the January estimate at 275.86 MMT. However, that increase did not come from the US, and the USDA estimated a US crush figure of 51.17 MMT, down 0.27 MMT from its January report.
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