Soybeans Futures PricesThu, Apr 24th, 2014
Latest Brugler Soybeans Report
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Soybean futures are trading 2 cents lower to 5 cents higher at midday. The May 14 contract is displaying the most weakness. May options expire on Friday. According to a Reuters article released overnight, three Marubeni grain division employees were detained in China for smuggling/tax evasion charges which may continue to keep the China soybean cargo cancellation issues in focus. Brazil’s Abiove now expects soy exports will be 43 MMT, which is lower than their previous forecast of 44 MM. Trade ideas for USDA weekly export sales were 50,000-750,000 MT. USDA put the actual figure at only 119,000 MT (including 118,200 MT for 14/15). Total commitments as a % of total exports are now at 104% compared to 100% last year and the 5 year average of 96%.
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