Soybean futures are trading 6 to 7 cents higher in the front months on Tuesday. Nearby Soymeal futures are up $1.80/ton, with front month soy oil 14 points higher. NOPA will release their monthly US crush report for February crush among its members this Thursday. Argentina’s soybean production estimate was reduced another 2 MMT to 43 MMT by Dr. Cordonnier, with the Brazil estimate still at 114 MMT. The national average cash price for soybeans was at $9.61 3/4 as of Monday evening according to DTN. That would put the average basis 2 1/4 cents weaker than a year ago at -71 1/2 cents when comparing too soon to expire March.

Mar 18 Soybeans are at $10.39 1/4, up 6 cents,

May 18 Soybeans are at $10.47 1/2, up 6 1/2 cents,

Jul 18 Soybeans are at $10.57 3/4, up 6 3/4 cents,

Aug 18 Soybeans are at $10.59, up 6 3/4 cents,

Mar 18 Soybean Meal is at $371.60, up $1.80

Mar 18 Soybean Oil is at $31.56, up $0.14

Market Commentary provided by:

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