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March Soybeans finished up 12 1/4 at 1486 1/2, 11 1/2 off the high and 11 up from the low. November Soybeans closed up 11 1/2 at 1344. This was 10 up from the low and 6 3/4 off the high.
March Soymeal closed up 6.1 at 434.3. This was 6.2 up from the low and 3.7 off the high.
March Soybean Oil finished up 0.12 at 53.11, 0.43 off the high and 0.05 up from the low.
March soybeans saw double digit gains into the closing bell on supportive demand data and a less than ideal weather forecast in Argentina. The USDA reported this morning that US private exporters sold 116,000 tonnes of soybeans to China, included in that total was 58,000 tonnes for the 2012/13 marketing year and 58,000 tonnes for the 2013/14 marketing year. Additionally, export inspections were positive to market sentiment at 53.9 million bushels vs. 40.7 the week prior. Only 11.2 million bushels are needed to ship each week to hit the current USDA forecast. The cumulative shipment pace is now 75% of the USDA export estimate vs. the 5 year average of 58%. The explosive sales and shipment pace continues to send positive vibes through the market but early gains were linked to unimpressive weekend rainfall in Argentina and a dry outlook for this week. Crop analysts are beginning to trim Argentina soybean production for this year but most continue to be upbeat on the Brazilian outlook with some estimates as high as 85 million tonnes while others are coming in between 81-82 million tonnes. The USDA is currently estimating production at 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.