Soybeans Futures PricesMon, May 2nd, 2016
Latest Brugler Soybeans Report
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Soybean futures are trading mostly between 2 and 3 cents lower here on the first trading day of May, after closing 3 cents higher to 3/4 cents lower on Friday. Nov16 beans gained 84 1/4 cents during April. Soybean harvest in Argentina is currently estimated to be 24% finished, compared to the 2015 pace for this week of 62%. Traders believe US planting progress is 9 to 10% complete as of Sunday, ahead of the 6% average pace. The official USDA figure will be released this afternoon at 3 PM CDT. Per the CFTC report Friday afternoon, managed money increased their net long position during the week ending April 26 by 24,715 contracts. Trade estimates for March soybean crush are averaging 165.8 million bushels, with USDA due to release the monthly CAIR reports today. Soy oil stocks are expected to be around 2.314 billion pounds including both crude and refined oil.
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