Soybeans Futures PricesTuesday, May 21st, 2013
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Latest Brugler Soybeans Report
Soybean futures closed 16 cents higher as the July contract plays catch up with the cash market. Port workers in Rosario, Argentina went on strike today, which is potentially bullish for soybean exports. November beans were more than 3 cents lower on the day. New crop contracts saw more aggressive selling after a big rally on Friday that carried them above prior chart resistance. The USDA crop progress report released this afternoon estimated that the crop is 24% planted compared to the 5yr average of 42%. In the Corn Belt States, Ohio leads at 45% planted, with NE and IN next in line at 33% and 30% respectively. The crop is reported to be 3% emerged compared to the 5yr average of 14%. Louisiana is at 40% emerged. The weekly export inspections are already at summer like levels, 3.328 million bushels. That was similar to last week with 3.374 million but well down from 13.079 million a year ago. Cumulative shipments have reached 1.259 billion bushels.
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