Latest Brugler Soybeans Report
Soybean futures are trading double digits lower at midday, and meal has sunk another $5.70/ton, while oil is off a hefty 72 cents. The strong dollar, especially against the Brazilian real, is a threat in this market. However, Lin Tan, a bean buyer for the Chinese company Hopefull, calculates the crush margin for US beans in GuangDong province to be a touch lower than beans from Brazil or Argentina at this time. In addition, he told Brugler Marketing that crush margins are back in the black, and he expects them to stay there, after dipping into the red zone during January. Chinese imports are expected to be slightly under 5 MMT for the month. The trade average guess for soybean ending stocks next Tuesday is 377 million bushels. The February USDA figure was 385 million.
InsideFutures Grains News