Soybeans (P) Futures PricesThu, Mar 6th, 2014
Latest Brugler Soybeans (P) Report
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Soybean futures closed 12 to 17 cents higher on the day. The May 14 contract posted a new high close of $14.38. Trader talk is that the US Attache in Paraguay cut the Soybean crop estimate by 1.2 MMT to 8.1MMT. Exports were cut 2.2 MMT. A Bloomberg survey put trade production estimates for the Monday USDA report at 88.09 MMT for Brazil and 53.6 MMT. The average guess for the US ending stocks number is 144 million bushels. Weekly USDA export sales for soybeans were expected to be between 600,000 MT – 1.3 MMT. USDA put the actual figure at 1,029,400 MT (including 256,700 MT for 2014/15). Some Chinese cancellations were reported, but new bookings to unknown destinations were more than enough to offset the cancelled shipments.
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