Soybean futures dropped sharply this morning, with longs cashing out of July futures in particular as the index funds wrap up selling of that contract and rolling of long positions to later months. Some buying showed up around the 18-day moving average. USDA left old crop and new crop US ending stocks UNCH yesterday, a disappointment to the bulls. USDA also showed a small increas e in US imports of soybeans to supplement decimated old crop inventories USDA weekly export sales this morning showed net soybean export sales of 480,600 MT, with 93% of the total slated for the 2013/14 marketing year. Net sales of soybean meal totaled 144,800 MT, with 97,700 of the total for the current marketing year That is still a very active soybean meal export sales program.
Posted on: Thu, 13 Jun 2013 17:53:29 +0000
Trending Topics
Recently Viewed Topics
© 2015