Latest Brugler Soybeans Report
Soybean futures finished with losses of 12 to 14 cents with most contracts closing about 6 cents above their session lows. Weakness in the manufacturing sector of China renewed concern about their economy and future soy purchases. Front month meal futures posted a new low for the move; regressing to where the July contract was back in mid June. The national crop condition rating improved one point from a week earlier with the Brugler500 Index at 364. Last year the crop had a score of 383 for this week. Statewide soybean conditions improved significantly in Wisconsin (+6 pts) and Illinois (+3 pts). Soybeans worsened by a point in both Indiana and Iowa, and were down 9 points in North Dakota, compared to the previous week. About 7% of the soybean crop in the major 18 states had not reached the pod setting stage as of Sunday, a couple points slower than the 5 year average. With 9% of the crop dropping leaves, the US is 2 points ahead of the five year average for this week.
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