Soybeans (P) Futures PricesTue, Mar 11th, 2014
Latest Brugler Soybeans (P) Report
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Soybean futures are trading a few cent lower to a few cents higher after a sharply lower close yesterday. Preliminary OI was up 4,218 contracts, indicating net new selling interest. There were 12 delivery notices against the Mar 14 contract overnight, with the MTD total standing at 152. Export inspections initially looked strong, but USDA issued a revised report which reduced the weekly total to 1.079 MMT from the original 1.505 MMT release. USDA put soybean ending stocks @ 145 MB, cutting crush use while raising both export and summer imports. Weaker biodiesel use of soy oil was noted, along with weaker domestic meal use. Chinese imports in February were 4.8 MMT, which was down from 5.9 MMT in January but up 65% vs. January 2013. This is resulting in port congestion, with rumors flying about cancellations or deferrals of up to 1 MMT of US and Brazilian shipments in order to clear out the facilities.
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