Soybean Market News and Commentary

Soybean futures are currently fractionally mixed after ending Turnaround Tuesday with most front months 2 to 2 1/4 cents lower. Meal futures were 70 cents/ton lower in the nearby contract, with soy oil 5 points in negative territory. The cmdtyView National Soybean Price Index is $8.20, which is $1.78 below the same date in 2018. That’s a national basis of -92 1/4 cents, vs. -79 1/2 cents for March 5 last year. The average trade estimate for 18/19 carryout prior to this week’s WASDE report is 902 mbu, which would be down 8 mbu from last month. Money managers in soybean futures and options were reported at a net short position of 35,982 contracts as of 2/26. Commitment of Traders data will finally be back up to current date in this Friday’s report.

--provided by Brugler Marketing & Management

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