Soybeans Futures PricesThu, Jul 28th, 2016
Latest Brugler Soybeans Report
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Soybean futures closed with double digit gains, led by front month Aug16 beans. Warmer and drier weather forecasts supported the soybean market for the second consecutive day. However, several contracts closed 5 to 9 cents below their intraday highs. Argentinean biodiesel production is predicted by the local ag attache to reach 2.69 billion liters in 2016, up from 2.06 billion liters in 2015. Production is expected to increase to 3.1 billion liters in 2017. Brazilian planted acreage will grow by 2% in 2017 as predicted by AGR Brazil. Private exporters reported to the USDA this morning that 131,000 MT of US soybeans were sold to China, with 65,000 for 2015/16 delivery, and 66,000 for 2016/17 delivery. Ahead of tomorrow morning’s USDA Export Sales report, trade analysts expect the soybean sales figure to range from 800,000 MT to 1.2 MMT. Soy meal sales of 50,000 to 250,000 MT, and soy oil sales of 0 to 40,000 MT are believed to have taken place during the week ending last Thursday.
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