Soybean futures are down 2 to 3 3/4 cents at midday. Meal futures are $2.30/ton lower in the nearby contract, with soy oil up 1 points. The USDA reported another private export sale of 926,000 MT of soybeans to China for 18/19 delivery on Friday. This was likely part of the rumored 2 MMT from a week ago, and thus didn’t get the bulls fired up. The Export Inspections report, scheduled for this morning, has been delayed due to technical difficulties at USDA. 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 are at $8.80, down 3 3/4 cents,
May 19 Soybeans are at $8.92 1/2, down 3 1/4 cents,
Jul 19 Soybeans are at $9.06 1/2, down 3 1/4 cents,
Aug 19 Soybeans are at $9.12 3/4, down 3 1/4 cents,
Mar 19 Soybean Meal is at $296.80, down $2.30
Mar 19 Soybean Oil is at $29.50, up $0.11
--provided by Brugler Marketing & Management