Soybeans Futures PricesThu, Aug 27th, 2015
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Soybean futures traded 9 to 16 cents higher during the Thursday session. The troubled Chinese economy rebounded on Thursday, as the Shanghai Composite Index closed 5.3% higher with suspected government intervention buying at the end of the day. A neutral to bullish US Export Sales report this morning showed 1.3258 MMT of beans were sold during the week ending 8/20, exceeding trade expectations. China purchased 887,500 MT. New crop bookings (1.457 MMT) increased by 86% from the previous week with assistance from old crop transfers. With two weeks left to be reported in the marketing year, accumulated shipments are 11% ahead of last year.? Bean meal bookings totaled 149,900 MT, down 36% from the previous week. Soy oil export sales totaled 17,100 MT. USDA reported that 130,000 MT of soybeans were sold to unknown destinations for 2015/16 delivery. That will show up on the Export Sales report next week. Brazilian coop Coamo projects a 3% increase to planted soybean acreage in the upcoming year.
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