Soybeans (P) Futures PricesTue, Aug 23rd, 2016
Latest Brugler Soybeans (P) Report
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Soybean futures closed 1 to 2 1/2 cents lower on Turnaround Tuesday. The PFA crop tour group put the SD soybean pod count about ~60 per sample frame below the 3 year average. The OH pod count was ~195 lower than the three year average but immature enough that it could still gain some. Our Brugler500 Index has the US soybean crop condition rating one point higher overall than it was last week. NASS reported that pod set is about 4% ahead of the 5yr avg for this date. The Louisiana ratings dropped 13 points on damage from widespread flooding, while the Michigan crop rating jumped up 15 points vs. a week ago. The states of IN, MS, OH and TN each gained at least 5 points on the Brugler500 Index vs. last week. Stats Canada expects total soybean production there to be down 6.5% this year, and canola production is forecast to be down 1.2% from 2015.
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