Soybeans Up 1 to 2 Cents Overnight
BRUG - Thu Aug 22, 7:26AM CDT

Soybeans futures are trading 1 to 2 cents per bushel higher this morning. They ended Wednesday 4 3/4 to 5 cents higher in the nearby contracts. Preliminary open interest showed a hint of new buying interest, rising 2,320 contracts. Meal futures were up $.70/ton and soy oil 31 points higher. The 8-14 day outlook shows chances for below normal temperatures as we head into September. Ahead of Thursday’s Export Sales report, analysts are expecting a net reduction of 200,000 up to net sales of 100,000 MT of old crop soybeans in the week of 8/15. New crop bookings are seen at 350,000-700,000 MT. Soy meal sales are seen at 100,000-350,000 MT, with soybean oil at 5,000-25,000 MT. The ProFarmer Midwest Crop Tour was in Illinois yesterday and will wrap up the tour today.

--- provided by Brugler Marketing & Management




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