Soybeans Market News and Commentary

Soybean futures found strength after midday with most contracts closing 11 to 13 1/4 cents higher. Soymeal futures were up $2.10/ton, with soy oil 54 points higher. Support came from rumors that US Treasury Sec Mnuchin is contemplating lifting some or all of the tariffs on Chinese imports ahead of next week’s meeting. At this point those are just rumors and were denied by Treasury. On Wednesday afternoon, the national soybean cash index was at $8.03 per DTN data, down 96 1/2 cents yr/yr. Against the newly appointed front month March, that put basis at -91 1/2 cents, 23 cents weaker than a year ago. The Buenos Aires Grain Exchange estimates that 38.9% of the Argentine soybean crop is blooming (avg 45.7%) as they cut planted acreage by 494,000 acres to 43.74 million acres. They also rated the crop at 51.2% gd/ex, compared to last year’s conditions of 35% for this week.

Mar 19 Soybeans closed at $9.07 3/4, up 13 1/4 cents,

May 19 Soybeans closed at $9.21, up 13 cents,

Jul 19 Soybeans closed at $9.34, up 13 1/4 cents,

Sep 19 Soybeans closed at $9.41, up 11 1/2 cents,

Mar 19 Soybean Meal closed at $312.20, up $2.10,

Mar 19 Soybean Oil closed at $28.77, up $0.54

--provided by Brugler Marketing & Management




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