Soybeans

Soybean futures finished the day with sharp gains of 16 to 19 cents. Moisture in Argentina over the weekend was less than expected and there may also be some stock market cash trying to find a home. The trucker strike in Argentina was lifted over the weekend, allowing shipments to resume. Meal futures were up $14.00/ton, with nearby soy oil down 11 points. The USDA reported a private sale of 314,000 MT of soybeans to Unknown Destinations with 198,000 MT for 17/18 and 116,000 MT for 18/19. That sale was offset by a cancellation of 455,000 MT of 17/18 soybeans to China. There was 1.319 MMT in soybeans inspected for export during the week that ended 2/8. That is 1.16% larger than a year ago and 14.55% larger than last year. Export commitments for soybeans as of last Thursday’s report are now 77.45% of the new USDA projection. That is compared to the average for that week of 90% and 87% last year.

Mar 18 Soybeans closed at $10.01 3/4, up 18 3/4 cents,

May 18 Soybeans closed at $10.12 1/2, up 19 cents,

Jul 18 Soybeans closed at $10.22, up 18 1/2 cents,

Sep 18 Soybeans closed at $10.16 3/4, up 16 1/2 cents,

Mar 18 Soybean Meal closed at $357.80, up $14.00,

Mar 18 Soybean Oil closed at $31.85, down $0.11




Market Commentary provided by:

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