Soybean Market News and Commentary

Soybean futures are currently fractionally lower after seeing 5 to 6 cent losses in most front months on Monday. The market ignored a big Chinese purchase. Meal futures were down $2.40/ton in the nearby contract, with soy oil 1 point higher. 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 later today, with USDA trimming their own 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.

--provided by Brugler Marketing & Management

Market Commentary provided by:

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