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March Soybeans finished up 6 at 1447, 5 1/2 off the high and 12 1/4 up from the low. November Soybeans closed up 5 at 1308. This was 10 up from the low and 3 1/2 off the high.
March Soymeal closed up 3.9 at 420.3. This was 5.7 up from the low and 0.9 off the high.
March Soybean Oil finished down 0.21 at 51.89, 0.47 off the high and 0.17 up from the low.
March soybeans traded higher on the day after midday weather updates showed slightly less rainfall for Argentina than previously expected. The Brazil harvest is moving along with Mato Grosso at 7.1% complete vs. 5.8% in the same period last year. A local analyst released updated crop production outlooks for Brazil last Friday and pegged production at 84.7 million tonnes vs. 84.3 in December. Export demand remains strong and the USDA reported that US private exporters sold 220,000 tonnes of soybeans to China for the 2013/14 marketing year. Export Inspections for the week ending January 24th were pegged at 40.7 million bushels, down from 48.1 last week. Shipments needed per week to reach the USDA export estimate are 12.6 million bushels, down from 13.4 the week prior. The cumulative shipment pace is now 71% of the USDA forecast vs. the 5 year average of 55%. The pace of sales and shipments favors the bulls but the market continues to focus on South American weather and their production outlook in the short term.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.