Soybean futures saw 5 to 6 cent losses in most front months on Monday. Meal futures were down $2.40/ton in the nearby contract, with soy oil 1 point higher. The USDA reported another private export sale of 926,000 MT of soybeans to China for 18/19 delivery. This was likely part of the rumored 2 MMT from a week ago, and thus didn’t get the bulls fired up. Soybean exports in the week that ended on March 7 were tallied at 874,363 MT. That was slightly above last week but down 6% from this week last year. A total of 386,581 MT was shipped to China. CONAB will release their monthly Brazil production update on Tuesday, with USDA trimming their projection to 116.5 MMT on Friday. Safras & Mercado estimates the Brazil soybean harvest was 52.1% complete as of March 8, compared to the 46.4% average.
Mar 19 Soybeans closed at $8.77 3/4, down 6 cents,
May 19 Soybeans closed at $8.90, down 5 3/4 cents,
Jul 19 Soybeans closed at $9.04, down 5 3/4 cents,
Sep 19 Soybeans closed at $9.15 1/2, down 5 1/2 cents,
Mar 19 Soybean Meal closed at $296.70, down $2.40,
Mar 19 Soybean Oil closed at $29.40, up $0.01
--provided by Brugler Marketing & Management