Soybean futures showed losses of 7 to 9 cents in the front months on profit taking ahead of Thursday’s USDA report. Nearby Soymeal futures were down $4.30/ton, with front month soy oil 37 points lower. Analysts are expecting that the USDA will raise Brazilian production 1.9 MMT to 113.9 MMT. 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. World ending stocks for 17/18 are seen at 95.5 on that lower Argentine production, down 2.64 MMT from February. Export sales are projected to range 0.9 to 1.4 MMT in Thursday’s USDA report, with 100,000-300,000 MT for new crop. Sales of soy meal are seen at 100,000-350,000 MT, with soy oil at 10,000-40,000 MT.

Mar 18 Soybeans closed at $10.55, down 9 1/2 cents,

May 18 Soybeans closed at $10.65 1/4, down 9 1/2 cents,

Jul 18 Soybeans closed at $10.74, down 9 cents,

Sep 18 Soybeans closed at $10.55 3/4, down 4 1/2 cents,

Mar 18 Soybean Meal closed at $380.20, down $4.30,

Mar 18 Soybean Oil closed at $31.93, down $0.37

Market Commentary provided by:

Brugler Marketing & Management LLC
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