Soybeans

Soybean futures settled mostly 4 1/4 to 6 cents in the green on Friday. July 17 soy meal was up 30 cents, with soy oil 37 points higher in the front month. The CFTC reported that managed money backed off their net short position by 15,064 contracts as of June 13, to -79,673 contracts in soybean futures and option trading. The BAGE projects that soybean producers in Argentina have harvested 94.5% of their crop. Private Chinese traders are estimating that the PRC may start auctioning soybeans from state reserves in the next few weeks. Analysts with COFCO project lower August and September soybean imports for China of 7MMT and 6MMT respectively. Some Chinese crush plants are reporting that meal storage is full.

Jul 17 Soybeans closed at $9.39, up 4 1/4 cents,

Aug 17 Soybeans closed at $9.43 1/4, up 4 1/2 cents,

Sep 17 Soybeans closed at $9.45, up 5 cents,

Jan 18 Soybeans closed at $9.57, up 5 3/4 cents,

Jul 17 Soybean Meal closed at $300.90, up $0.30,

Jul 17 Soybean Oil closed at $33.11, up $0.37




Market Commentary provided by:

Brugler Marketing & Management LLC
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E-mail: alanb@bruglermktg.com
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