Soybeans (P) Futures PricesFri, Aug 22nd, 2014
Latest Brugler Soybeans (P) Report
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Soybean futures settled higher on the day with September up nearly 30 cents as the short squeeze in old crop beans and meal continues. The Pro Farmer estimate for soybean yield is 45.35 bpa, just a couple freckles below the USDA number of 45.4 bushels per acre. Sept meal picked up $19.50 on the day, and October meal jumped on board for a $10.20 ride higher today. Those gave a tremendous boost to product value. USDA reported another 120,000 MT of export sales for 2014/15 to China this morning. The January15 soybean futures contract on the Dalian exchange closed at the US equivalent of $19.90, up about 26 cents on the session. It was $20.58 as recently as August 14. Cash bean bids in Central Illinois were reported as much as 320 cents over the November contract. Managed money increased their net short position in soybeans by 4,994 contracts, bringing them to a net short position of -16,698 contracts; the second-shortest net position reported for managed money since October 10, 2006.
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