Soybeans Futures PricesFri, Jul 29th, 2016
Latest Brugler Soybeans Report
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Soybean futures are showing double-digit gains at midday, after trading on the south side of even money earlier in the session. The USD is sharply lower, down over 1000 points, and is boosting grain prices this morning. Only 84,367 MT of soybeans were sold at Chinese reserve auctions, amounting to only 14% of what was offered. However, an additional 129,000 MT of US beans was sold to unknown destinations this morning (66,000 MT of old crop) as announced under the daily reporting system. This is the fourth major sale of US soybeans since Wednesday, along with sales of 129,000 MT and 131,000 MT to China, and a 328,000 MT sale to unknown destinations. Soybean harvest is nearly complete in Argentina, with just over 1% remaining. Average export prices from Argentina on Thursday were $414/ton, compared to US offers of $407/ton, and Brazilian offers of $424/ton.
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