Soybeans (P) Futures PricesTue, Oct 25th, 2016
Latest Brugler Soybeans (P) Report
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Soybean futures are currently up 7 to 8 cents on the session. They settled Tuesday mixed with Nov16 1 1/4 cents lower, and the 2017 contracts slightly higher. Dec bean oil gave back nearly 22% of its Monday gain on Turnaround Tuesday, nudged in that direction by an upward revision of Malaysian palm oil production data. Soybeans found some support earlier in the day from a 516,000 MT sale to China announced under the daily reporting system this morning. South America continues to leak very small quantities of old crop beans into the world market. Monthly shipments don’t go to zero in the US, and the same is true for South America. SAFRAS estimates that Brazilian soybean planting is 26% completed, about 8 points ahead of last year for this date. Average yield is currently projected to be more than 6% above year ago, so the trade is on watch for any weather problems.
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