Soybeans Futures PricesFri, Mar 7th, 2014
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Soybean futures closed 14 to 20 cents higher on the day. The Mar 14 contract displayed the most strength posted a new lifetime contract high close of $14.57. The contract expires a week from today. As of the close on this past Tuesday, CFTC shows managed money accounts increased their net long position for soybeans from the previous week by 5,497 contracts bringing their overall net long position to 208,493 contracts. A Bloomberg survey put trade estimates for the Monday USDA report at 88.09 MMT for Brazil and 53.6 MMT. The average guess for the US ending stocks number is 144 million bushels in one survey, 141 million in another. Both are assuming a larger export estimate.
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