Soybeans (P) Futures PricesFri, May 22nd, 2015
Latest Brugler Soybeans (P) Report
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Soybean futures are currently trading 2 to 3 cents higher. Weekly export sales were disappointing, albeit larger than cancellations. Cumulative commitments are now 103% of the full year forecast, allowing room for some deferrals. They would typically be 100% at this time. For soybean meal, fresh old crop sales totaled 103,000 MT, but new crop sales were a net reduction of 2000 MT, largely due to a Moroccan cancelation of 12,000 MT. Meal export commitments are 98% of the USDA forecast, still running ahead of the 90% average for this date. There are still 2.524 MMT to ship, which is an 88% larger backlog than last year at this time.
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