Soybeans (P) Futures PricesFriday, May 24th, 2013
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Latest Brugler Soybeans (P) Report
Soybean futures saw selling pressure in the old crop months after the stout rally from Monday into Thursday turned into pre-weekend profit taking selling. November and later futures were higher on spread unwinding, and some concerns about planting delays in the north and wheat harvest delays in the south (needed to get double crop beans planted). US old crop export commitments have now reached 100% of the USDA forecast for the year, which ends August 31. They would typically be at 99% by now. Basis bids have backed off as much as 80 cents per bushel from last week’s peak due to the futures rally and also due to increased producer sales. The national average cash price hit the highest level since November, but retreated late in the week. This afternoon’s CFTC report showed the large Managed Money spec funds adding to their net long position by 21,433 contracts.
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