Soybeans Futures PricesWed, Apr 23rd, 2014
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Soybean futures closed 8 to 19 cents lower on the day. The May 14 contract displayed the most weakness and closed at $14.79. The May 14 Meal contract was also lower, losing $5.90 to close at $479.80. The Reuters article speculating that up to 1.2 MMT of Brazilian soybean shipments to China could still be cancelled weighed heavily on the soy complex again today. It is a financing issue with the Chinese banks and the companies who purchased the cargos under contract with US companies; also a tactic for re-negotiating the terms of the contracts. Safras has estimated the Brazil soybean harvest is now near 90% completed which is ahead of the 86% normal pace.
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