Soybeans (P) Futures PricesFri, Jun 24th, 2016
Latest Brugler Soybeans (P) Report
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Soybean futures lost an additional 19 1/4 to 23 cents on Friday, with front month Jul16 beans settling just 3 3/4 cents above their intraday low. That soybean contract was 56 1/2 cents lower from last Friday. July bean meal dropped another $7.60 on Friday, and was $31.80 lower for the week. The nearly 2000 point gain in the dollar on Friday following the Brexit placed considerable pressure on the US soy complex. Managed money held a net long CFTC position of 200,789 contracts as of the close on Tuesday. The Argentinean soybean harvest is estimated to by 95% complete, per the Buenos Aires Grain Exchange. Under the daily reporting system, private exporters announced that 411,500 MT of US soybeans were sold to unknown destinations this morning. Of the total, 68% is for 2015/16 delivery. NOPA revised its May crush figure from 152.820 million bushels to 152.280 million bushels.A Bloomberg survey estimates US planted area for soybeans will be 83.9 million acres, up from the USDA March Intention figure of 82.2 million acres.
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