Soybeans (P) Futures PricesTue, Sep 16th, 2014
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Soybean futures are trading 4 to 8 cents lower at midday. The buying has been in the late 2015 contracts. The weekly USDA report showed 24% of the crop is dropping leaves, when the five year average is 32%. By state, some of the laggards include MN at 12% dropping vs. the 37% 5-year average and ND @ 37% compared to 45% average. SD was 28% vs. 56% average, IA @ 13% vs. 36% average. ASA announced this morning that Chinese buyers had signed contracts to purchase 4.8 MMT of soybeans (176 million bushels) yesterday at a ceremony in Milwaukee. This is an annual trade mission event, and the actual shipments will be spread out over the year. The dollar commitment is similar to last year, but the bushels are up due to lower prices this year. January soybeans on the Dalian exchange were at the US equivalent of $20.47.
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