Soybeans

Soybean futures ended Wednesday with most contracts 3 1/4 to 5 cents in the red. Meal futures were up $3.70/ton, with nearby soy oil 60 points lower. Meal is higher on concerns that Argentine soy meal exports will be hurt by the dryness. The average trade guess ahead of the weekly Export Sales report on Thursday is 400,000-700,000 MT for old crop soybean sales. This comes after a disappointing 359,014 MT was report in last week’s report. There are also 0-100,000 MT expected for new crop sales. Soy meal sales are seen at 150,000-450,000 MT, with 8,000-35,000 MT projected in soy oil sales. Data from Census shows US soybean exports during December at 6.452 MMT. That is 19.17% lower than Dec 2016 and lagged November 2017 by 28.57%. A Reuters survey shows traders expecting the final 17/18 Brazilian production number to total 112.6 MMT, up from 110.2 MMT in January.

Mar 18 Soybeans are at $9.83, down 3 1/4 cents,

May 18 Soybeans are at $9.94 1/4, down 3 1/2 cents,

Jul 18 Soybeans are at $10.04, down 3 1/2 cents,

Aug 18 Soybeans are at $10.05 3/4, down 4 cents,

Mar 18 Soybean Meal is at $335.40, up $3.70

Mar 18 Soybean Oil is at $32.56, down $0.60




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