Soybeans Futures PricesWed, Apr 23rd, 2014
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Soybean futures closed 10 cents lower to 7 cents higher. The May 14 contract displayed the most weakness and closed at $14.69. Two soybean cargoes out of Brazil were reportedly switched to the US which may add to the concerns regarding China cancelation rumors. Brazil’s Abiove now expects soy exports will be 43 MMT, which is lower than their previous forecast of 44 MM. Production was left unchanged at 86.1 MMT. Trade ideas for USDA weekly export sales are 50,000-750,000 MT, depending on how many old crop cancellations you want to assume.
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