Soybeans Futures PricesThu, Jul 24th, 2014
Latest Brugler Soybeans Report
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Soybean futures are currently trading more than 20 cents higher so far this morning, after double digit gains on Wednesday. High temps and limited rainfall are stressing shallow rooted beans in the Midwest but some relief is expected next week. Chinese buying for export has been aggressive in the past week. Trade estimates for the USDA weekly Export Sales report were in the 1.2 to 1.6 MMT range, with most of that new crop. Unlike recent weeks, traders were not expecting net cancellations of old crop. USDA just told us that net export sales last week for old crop were 226,700 MT, and the new crop total was reported at a whopping 2.451 MMT, with 1.2835 MMT slated for delivery to China. The new crop price got cheap enough for China to step in and buy big.
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