Futures - SoybeansSunday, May 19th, 2013
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Latest Brugler Soybeans Report
Soybean futures closed up 21 cents in the front month, 18 cents higher for September and nearly 11 cents higher for the November contract. USDA announced a sale of 138,000 MT of soybeans to an unknown destination this morning. Exporters also reported a 120,000 MT sale to China. All except 18,000 MT of that business was for new crop delivery. Informa is now projecting US soybean plantings at 78.286 million acres. That is a cut of 171,000 acres from their previous estimate, but still 1.2 million larger than the USDA Intentions figure. November futures continue to lag old crop due to concerns about rising global supplies, and potential acreage gains arising from late corn planting. The weekly CFTC commitment of traders report showed managed money accounts increased their net long position by 10,762 contracts.
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