Soybeans (P) Futures PricesWednesday, May 22nd, 2013
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Latest Brugler Soybeans (P) Report
Soybean futures are currently trading mixed with July down a penny and a half, and August soybeans are a few cents higher. Meal futures are rising due to reduced US production and continued strong export interest. That has buyers chasing the old crop bean bushels in the cash, but also aiming for July futures delivery. Preliminary OI data shows an increase of 3,440 contracts. Interior basis bids dropped sharply on Monday night and Tuesday as at least one major firm decided it was covered. Consulting firm Safras & Mercado cut its projection of Brazilian production to 82.5 MMT today. That is smaller than the USDA May estimate, but still 22% above last year. Oil World is projecting that US soybean imports this year will be 32 million bushels including the usual imports from Ontario and some from South America.
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