Soybeans Futures PricesMon, Nov 30th, 2015
Latest Brugler Soybeans Report
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Soybean futures are currently 6 to 9 cents higher, extending gains from last week. Jan16 beans were 15 1/2 cents higher last week. This morning, the USDA reported that 1.835 MMT of soybeans were inspected for export during the week ending Nov 26. As of last Thursday, year to date inspections have reached 19.969 MMT, about 7% smaller than this point a year ago. The designated Argentine ag minister is quoted as saying export tariffs on soybeans will be cut 5% (to 30%) as soon as Macri is seated. This would imply a 40 cent +/- price hike to producers IF the grain companies don’t fiddle with the basis. Again, this has been long anticipated and if anything is a smaller reduction than some had hoped. As of the Friday close, the US national average basis was 45 ¾ cents under, 3 1/4 cents stronger than it was last year at this time.
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