Soybeans Futures PricesTue, Jul 29th, 2014
Latest Brugler Soybeans Report
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Soybean futures are trading 8 to 9 cents lower. Funds were said to have been net buyers of roughly 7,000 lots beans and 2,000 lots meal. Weekly soybean export inspections totaled 112,345 MT, up from 97,160 MT last week. YTD inspections are now at 43,022,455 MT (1.581 billion bushels) which compares to 35,333,329 MT last year. The USDA forecast is 1.620 billion bushels for the year. With a little over 6 weeks remaining, 39 million bushels need to be shipped, or 6.5 million per week. This weeks shipments totaled 4.1 million bushels. Private exporters reported to the USDA sales of 486,000 MT of soybeans for delivery to China during the 2014/2015 marketing year. Of the total, 66,000 tons are optional origin sales. The Brugler500 condition index dropped 3 points to 380. That is still the best rating since 1994 (+3 vs. 2004). We lost 2% of the acreage out of the Good category. Pod set is advanced, at 38% vs. the 5 year average of 31%.
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