Soybean futures are 2 to 3 cents higher this morning. They ended the Thursday session with most contracts 2 to 3 cents lower. March meal futures expired up 1.60/ton, with soy oil down 29 points. The USDA Export Sales report showed 1.912 MMT of old crop soybean bookings in the week that ended on March 7. That was 50.6% larger than the same week in 2018, with the bulk of it to China. Year to date soybean commitments for export are now 16.4% below a year ago, catching up from previous weeks. Heavy rains have slowed the Brazilian harvest in Parana, which is now behind last year’s pace and about 66% completed according to local sources. Argentine crushers are pushing for a decrease in the export tax on soy products to make them more competitive in the world market.
--provided by Brugler Marketing & Management