Latest Brugler Soybeans Report
Soybean futures closed almost a dime lower despite continued concerns about dryness in parts of South America. In GuanDong province of China, the crush margin for North American and Brazilian soybeans is still about equal – in the red by about $15/ton –despite the strength in the dollar. On Monday the Yuan tested the boundary of what the government will tolerate when it traded 1.94% weaker than the limit of the reference rate at the Peoples Bank of China. The stronger dollar and weaker Yuan ultimately could hurt US competitiveness. The US national cash price was at $9.33 3/4 on Monday night. That puts the national average basis at -49 3/4 cents, which is 16 1/2 cents weaker than it was a year ago. Turning to 2015 crops, CBO sees a jump from 83.7 million acres last year to 86 million this year, but projects a slight drop in the crop size.
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