Soybeans

Soybean futures were 6 to 8 1/2 cents in the green on the day. Nearby Soymeal futures were up $2.50/ton, with front month soy oil 46 points higher. NOPA will release their monthly US crush report for February crush among its members this Thursday. Analysts are estimating that the crush will total a monthly record 149.443 bbu, with stocks totaling 1.766 billion pounds. The national average cash price for soybeans was at $9.61 3/4 as of Monday evening according to DTN. That would put the average basis 2 1/4 cents weaker than a year ago at -71 1/2 cents when comparing too soon to expire March. Argentina’s soybean production estimate was reduced another 2 MMT to 43 MMT by Dr. Cordonnier, with the Brazil estimate still at 114 MMT.

Mar 18 Soybeans closed at $10.40 1/2, up 7 1/4 cents,

May 18 Soybeans closed at $10.48 3/4, up 7 3/4 cents,

Jul 18 Soybeans closed at $10.59 1/2, up 8 1/2 cents,

Sep 18 Soybeans closed at $10.49 3/4, up 8 cents,

Mar 18 Soybean Meal closed at $372.30, up $2.50,

Mar 18 Soybean Oil closed at $32.02, up $0.46




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