Latest Brugler Soybeans Report
Soybean futures are currently up as much as 3 cents on the day, following two days in a row with double-digit gains. Soy oil popped 41 points on a strike at Argentine crush plants. Informa estimated Argentine bean production at 59 MMT, fading recent larger estimates by the BAX. They hiked their Brazilian number to 94.5 MMT, in line with most mainstream forecasts. A Bloomberg survey shows analysts expecting USDA to cut old crop ending stocks to around 360 million bushels next Tuesday. The 2015/16 figure is expected to be 446 million bushels, a very modest increase given record expected acreage in 2015. There was one contract delivered against May bean futures overnight, bringing the total to exactly 5. There have still been zero meal deliveries.
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