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March Soybeans finished down 5 at 1490 1/2, 4 1/2 off the high and 13 1/2 up from the low. November Soybeans closed down 12 1/4 at 1336. This was 8 up from the low and 11 1/2 off the high.
March Soymeal closed down 1.4 at 437.1. This was 4.5 up from the low and 2.0 off the high.
March Soybean Oil finished down 0.53 at 52.45, 0.54 off the high and 0.05 up from the low.
March soybeans traded lower on the day and light profit taking was cited after markets failed to rebound overnight. The US Dollar was sharply higher which added resistance to commodity markets. Long vessel lineups in the ports of Brazil and dry weather in Argentina this week continue to keep underlying buying support in the market. The weather forecast for Argentina was mostly unchanged today with warm and dry conditions this week prompting some analysts to cut production while some hold out hope that the forecasted rainfall next week will help relieve crop stress. The market will key off the Argentina and Brazilian production estimates in this Friday's report. The market expects Argentina soybean production at just over 53 million tonnes vs. the current USDA estimate of 54 million tonnes. Brazilian estimates fall near 82.60 million tonnes vs. the current USDA forecast of 82.50 million tonnes.
*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.