Soybeans Trading 1 to 2 Cents Higher
BRUG - Wed Nov 27, 7:26AM CST

This morning Soybean futures are trading 1 to 2 cents per bushel higher. Beans finished Tuesday’s session with 7 1/4 to 8 1/4 cent losses in the nearby contracts. Soybean meal was $3.60/ton lower at the closing bell, and bean oil finished with a 22 point loss. The Brazilian Real touched an all-time low against the dollar this afternoon closing at the record of .2364 dollars to Real. The weak currency has helped push their FOB prices down to $365.90/tonne. On the other side, soybean prices in Real hit a five year high for Brazilian farmers. The latest trader estimates (grains exporters associations) projected Brazilian exports at 68.7 MMT of beans through Nov 23. The Brazilian local marketing year runs February to January. USDA is using 76 MMT for their full year figure (September to August). Chinese veg oil imports in October were a record 1.3 MMT. Bean imports are down because they don’t need as much meal, but they still need the oil for cooking. YTD veg oil imports (Jan-Oct) are up 2.9 MMT from last year.

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