Soybeans (P) Futures PricesThu, Apr 24th, 2014
Latest Brugler Soybeans (P) Report
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Soybean futures are trading 1 to 6 cents higher. Funds were thought to be sellers of around 3,000 contracts of soybeans and 1,000 contracts of soymeal. Two additional soybean cargoes out of Brazil were reportedly switched to the US. The US needs at least 20 cargos of Brazilian or Argentine beans to meet the USDA forecast for imports. Brazil’s Abiove now expects soy exports will be 43 MMT, which is lower than their previous forecast of 44 MM. Production was left unchanged at 86.1 MMT. Trade ideas for USDA weekly export sales were 50,000-750,000 MT. USDA put the actual figures at 119,000 MT (including 118,200 MT for 14/15).
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