Soybean futures are currently 3 to 6 cents in the red on Thursday, with thinly traded March steady. Nearby Soymeal futures are up $1/ton, with front month soy oil down 17 points. This morning’s USDA Export Sales report showed old crop soy sales blowing past expectation during the week of March 1 at 2.51 MMT. That was well above last year and nearly 3 times as large as last week. New crop sales were reported at 143,900 MT. Soy Meal sales were reported at 200,614 MT, with sales of soy oil at 34,042 MT. The USDA added 25 mbu to the US ending stocks number to 555 mbu, coming from a cut in exports. Argentine production was slashed by 7 MMT to 47 MMT, below most expectations. Brazil’s production number was increased 1 MMT to 113 MMT by the USDA. CONAB had a similar idea as they put 17/18 production at 113 MMT. World ending stocks are now seen at 94.4 MMT by the USDA, a drop of 3.74 MMT.

Mar 18 Soybeans are at $10.55, unch ,

May 18 Soybeans are at $10.59 1/4, down 6 cents,

Jul 18 Soybeans are at $10.68 1/4, down 5 3/4 cents,

Aug 18 Soybeans are at $10.68 1/2, down 4 3/4 cents,

Mar 18 Soybean Meal is at $381.20, up $1.00

Mar 18 Soybean Oil is at $31.76, down $0.17

Market Commentary provided by:

Brugler Marketing & Management LLC
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