Soybean futures are mostly 6 to 7 cents lower on Friday, on reports of showers across Argentina. Meal futures are down 80 cents/ton, with nearby soy oil 5 points in the red. The USDA reported 1.537 MMT in soybean exports during the week of 2/1. That was a jump of 26% from the previous week but 1.9% lower than the same week in 2017. Thursday morning’s WASDE report showed the USDA narrowing the US cash average farm price by 20 cents to $8.90-9.70, leaving the mid-point at $9.30. With the Brazil crop 2 MMT higher, their respective export projection was raised by the USDA to 69 MMT. The reduction in Argentine production caused their crush total to be trimmed 1.16 MMT, which gave the US bean meal market a boost. The Buenos Aires Grain Exchange now estimates the crop at 50 MMT, down 1 from their previous report.

Mar 18 Soybeans are at $9.81 1/2, down 6 1/4 cents,

May 18 Soybeans are at $9.92 1/4, down 6 1/2 cents,

Jul 18 Soybeans are at $10.01 1/2, down 6 3/4 cents,

Aug 18 Soybeans are at $10.03 1/4, down 6 1/2 cents,

Mar 18 Soybean Meal is at $340.90, down $0.80

Mar 18 Soybean Oil is at $32.16, down $0.05

Market Commentary provided by:

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