Soybeans Futures PricesWed, Aug 20th, 2014
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Soybeans are trading mostly lower this morning. November is down 2 cents while and the nearby September contract is 7 cents higher after seeing some short covering yesterday ahead of options expiration (this Friday) and the subsequent delivery period vs. the futures contract. Deliverable receipts were very hard to come by in August and that could still be the case in September. Soybean meal posted a $7.70 gain in the nearby September contract, which supports the nearby bean price. September is up another $6 this morning. Consulting firm Celeres estimates that only 5% of the 2014/15 Brazilian crop has been priced, well below the 24% figure from last year at this time and the 5 year average of 19%. ABIOVE raised its projection for 2014 Brazilian soybean exports to 45 MMT from 44 MMT.
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