Soybean futures are mostly 6 to 9 cents higher on Tuesday. Meal futures are up $9.20/ton, with nearby soy oil down 27 cents. Forecasts are calling for continued dryness in Argentina this week, with a chance of rain by the weekend. According to DTN, the average US cash price for soybeans on Monday was $9.32 3/4, 46 cents lower than the same day in 2017. That would put the average soybean basis at -69 cents, 6 1/2 cents stronger than last year. Export commitments for soybeans through last Thursday’s report are 77.45% of the new USDA projection. That is compared to the average for that week of 90% and 87% last year.

Mar 18 Soybeans closed at $10.10 3/4, up 9 cents,

May 18 Soybeans closed at $10.21 1/4, up 8 3/4 cents,

Jul 18 Soybeans closed at $10.30 1/2, up 8 1/2 cents,

Sep 18 Soybeans closed at $10.22 3/4, up 6 cents,

Mar 18 Soybean Meal closed at $367.00, up $9.20,

Mar 18 Soybean Oil closed at $31.58, down $0.27

Market Commentary provided by:

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