Soybean futures are trading 2-3 cents lower this morning in the old crop contracts, while November is fractionally higher. They ended Tuesday with 2-3 cent losses in the nearby months, while new crop contracts were steady to 4 cents higher. Nearby Soymeal futures were down $4.80/ton, with front month soy oil up 29 points. Analysts are expecting that the USDA will leave the US ending stocks number at 530 mbu in Thursday’s March WASDE report. The range of traders’ estimates is from 490 to 590 mbu. Brazilian production is expected to be raised 1.9 to 113.9 MMT, as that is estimated to be more than offset by a 5.5 MMT drop in Argentine production to 48.5 MMT. Some trade estimates are as high as 117 MMT for Brazil, however.

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