Soybean 3 to 4 Higher Ahead of NOPA Report

Soybean futures are currently 3 to 4 cents higher. They had been steady to fractionally lower on Friday. Front month meal futures were up 70 cents/ton and May soy oil down 3 points on Friday. Traders are expecting the NOPA crush report this morning to be around 168.03 mbu. If realized that would be down from last year’s record, but still the second largest March total ever. The average guess for soy oil stocks comes to 1.783 billion pounds. Export commitments for 2018/19, compared to USDA’s projected total, are 86% complete vs. the 5-year average at 95%. Shipments are 61% of that projection (84% average), as the large quantity of outstanding sales is 18% larger than last year. The Buenos Aires Grain Exchange estimates that the Argentine soybean crop is 16.9% harvested, lagging last year’s progress by 6.7% but 2% above normal. --provided by Brugler Marketing & Management

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