Latest Brugler Soybeans Report
Soybeans are trading mostly a penny lower this morning. The USDA hike to 44 bpa for last years yield is reinforcing ideas that this year is 48 or higher given better growing conditions in 2014. Broker FC Stone raised its projected US soybean yield to 48.4 bpa, with production of 4.066 billion bushels. Prices got a little support yesterday with the frost/freeze risk areas expanding into parts of MN and the Dakotas for Saturday morning on the most aggressive models. Trade estimates for Canadian canola production have risen to 14.5-14.6 MMT vs. the prior Stats Canada estimate of 13.9 MMT. Trade estimates for USDA weekly export sales this morning were 700,000 MT to 1 MMT. USDA reported 890,600 MT, with China taking 730,800 MT.
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