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May Soybeans finished up 4 at 1466, 15 3/4 off the high and 7 up from the low. July Soybeans closed up 4 1/2 at 1447 3/4. This was 7 1/2 up from the low and 12 3/4 off the high.
May Soymeal closed up 1.8 at 435.5. This was 2.7 up from the low and 4.3 off the high.
May Soybean Oil finished down 0.19 at 50.07, 0.68 off the high and 0.04 up from the low.
May soybeans traded higher on the day but settled well off session highs despite positive export demand news this morning. The market continues to be well supported on setbacks due to growing concerns that the delays to vessel loading in the ports of Brazil will shift more demand to the US. The USDA reported this morning that US exporters sold 330,000 tonnes of soybeans to an unknown destination for 2012/13 delivery overnight. Exporters also sold 345,000 tonnes of soybeans to China for 2013/14 delivery. Local traders suggest that basis premiums in Brazilian ports continue to fall sharply lower as supplies build at loading facilities which might imply a rather large uptick in Brazilian soybean exports in the month of March vs. February. The US Gulf basis for soybeans had a steady to firm tone midday on good export demand interest according to some traders.
*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.