Soybeans Futures PricesThursday, May 23rd, 2013
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Latest Brugler Soybeans Report
Soybean futures are trading steady to 22 cents higher at midday. July continues to peck away at the expiration gap left behind when May futures expired and has now been within 5 ½ cents. Processors have backed off basis bids, content to let futures do the heavy lifting. The trade was looking for US weekly export sales through May 16 to be 400-800,000 MT. USDA put the soybean number at 1,022,400 MT with China in for 531,000 MT of new crop and another 180,000 MT was for unknown destinations. Net sales for soybean meal were reported as 256,600 MT with 51.1% of the total slated for delivery in the current marketing year. Some sources had suggested that old crop beans, meal and oil could all see zero or net negative export sales. USDA indicated this was clearly not the case posting 183,500 MT of old crop soybeans, 125,400 MT of soybean meal and soybean oil sales were reported as 9,600 MT.
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