Soybeans are currently 1 to 6 cents higher this morning. The front month August contract posted a trading range of more than 33 cents yesterday. USDA put the actual new crop soybean export sales for last week at 1,030,900 MT. In addition, net sales for old crop of 78,500 MT were also reported. Much of China is experiencing extreme heat. Thursday marked 28 days in a row with temperatures exceeding 95 degrees Fahrenheit in the city of Shanghai. FC Stone last night projected US soybean production of 3.309 billion bushels on a 43 bpa national average yield. This would be 67 million bushels smaller than the USDA July forecast. USDA is currently re-surveying soybean planted acres in several states due to the delays in June. Brazil reported July soybean shipments of 5.66 MMT, smaller than June but still above the 4.13 MMT in July 2012.
Posted on: Fri, 02 Aug 2013 13:38:07 +0000
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