Soybean futures closed the day with 2-3 cent losses in the nearby months, as 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. The USDA reported a private export sale of 120,000 MT of soybeans to China for 17/18 delivery this morning through their daily reporting system. 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.

Mar 18 Soybeans closed at $10.64 1/2, down 2 1/4 cents,

May 18 Soybeans closed at $10.74 3/4, down 2 3/4 cents,

Jul 18 Soybeans closed at $10.83, down 2 3/4 cents,

Sep 18 Soybeans closed at $10.60 1/4, up 3/4 cent,

Mar 18 Soybean Meal closed at $384.50, down $4.80,

Mar 18 Soybean Oil closed at $32.30, up $0.29

Market Commentary provided by:

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