Soybean futures saw slight losses in the front months on Thursday, with most new crop contracts steady to 1 1/2 cents higher. Nearby Soymeal futures were up 40 cents/ton, with front month soy oil down 26 cents. This morning’s USDA Export Sales report showed old crop soy sales blowing past expectation during the week of March 1 at 2.51 MMT. That was well above last year and nearly 3 times as large as last week. Soy Meal sales were reported at 200,614 MT, with sales of soy oil at 34,042 MT. The USDA added 25 mbu to the US ending stocks number to 555 mbu, with higher crush use but a larger cut in exports. Argentine production was slashed by 7 MMT to 47 MMT (BAGE @ 42 MMT), below most expectations. Brazil’s production number was increased 1 MMT to 113 MMT by the USDA. CONAB had a similar idea as they put 17/18 production at 113 MMT. World ending stocks are now seen at 94.4 MMT by the USDA, a drop of 3.74 MMT from February.
Mar 18 Soybeans closed at $10.53 3/4, down 1 1/4 cents,
May 18 Soybeans closed at $10.64, down 1 1/4 cents,
Jul 18 Soybeans closed at $10.73, down 1 cent,
Sep 18 Soybeans closed at $10.57 1/4, up 1 1/2 cents,
Mar 18 Soybean Meal closed at $380.60, up $0.40,
Mar 18 Soybean Oil closed at $31.67, down $0.26