Soybeans (P) Futures PricesTue, Aug 19th, 2014
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Soybeans came back from early losses, but still closed mostly 5 to 6 cents lower. The exception was the September contract, which is seeing some short covering ahead of options expiration and the subsequent delivery period vs. the futures contract. Deliverable receipts were very hard to come by in August and that could still be the case in September. September was supported to a degree by a $7.70 rally in nearby soybean meal futures. Consulting firm Celeres estimates that only 5% of the 2014/15 Brazilian crop has been sold, well below the 24% figure from last year at this time and the 5 year average of 19%.
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