Soybean Complex Market Recap
Fri 15 Mar 2013 14:28:47 CT
Related Keywords: Agriculture

May Soybeans finished down 10 1/2 at 1425, 20 1/4 off the high and 2 1/2 up from the low. July Soybeans closed down 5 1/4 at 1410 3/4. This was 3 1/2 up from the low and 15 off the high.

May Soymeal closed down 6 at 419.0. This was 1.2 up from the low and 8.9 off the high.

May Soybean Oil finished up 0.58 at 49.92, 0.27 off the high and 0.58 up from the low.

May soybeans traded lower on the day after NOPA crush came in below trade estimates. NOPA released February crush today and pegged the monthly crush at 136.3 million bushels vs. 158.2 in January and against trade estimates of 141.6. Soybeans broke lower on the worse than expected data. Crush margins have seen a decline recently as international demand for soybean meal and oil has slowed as many buyers look ahead to cheaper supplies in Argentina. The soybean basis in the interior of the US remains firm as processor attempt to drum up physical movement to fulfill sales commitments already made but this has also added to the decline in crush margins. The USDA announced this morning that private exporters sold 165,000 tonnes of US soybeans to China for the 2013/14 marketing year.


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