Soybeans are trading mixed; within a couple cents of the Tuesday close. August meal traded in a wide range yesterday, trading as high as $447 before giving back earlier gains to close $9.70 lower at $429.20. A major crusher was noted as an aggressive seller. USDA reported a sale of 290,000 MT of soybeans to an unknown destination for the 2013/2014 marketing year yesterday, but the market treated it as routine new crop business. The DTN National Soybean Index hit a new low for the year yesterday as the inverse continues to collapse ahead of harvest and delivery value equivalents have shifted enough that August bean deliveries COULD occur if one wanted to let go of the beans. There were no delivery notices vs. August beans overnight. The oldest long is dated September 13, 2012. There were also no delivery notices vs. August meal (oldest long 8/1/12). Bean oil deliveries were expected and 846 contracts were put out.
Posted on: Wed, 31 Jul 2013 12:57:06 +0000
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