Soybeans ended Tuesdays session on the defensive down 9 cents breaking down late in the session. Traders say the market broke down late in the day on rumors that the Argentine farmer strike negotiations were going well. Uncertainty whether farmers will resume their strike has been keeping the market volatile traders say. Meal followed the moves in Beans but Soy Oil rallied with Crude oil which made new all time highs yesterday. Volume on Tuesday continues to be on the lower end of the range. Soybeans traded 105,455, Meal 46, 224 and Oil 54,669. Funds Bought 3,000 Oil and Sold 1,000 Beans and 1,000 Meal.

Early Opening call higher. The Argentine Government will meet with Farm groups again today. Argentine traders are optimistic that an agreement will be reached after the Chief of the Cabinet said there were certain problems with the sliding soybean export tax. Brazilian grain analyst Celeres estimates Brazil Soybean harvest is 93% complete. 6 to 10 day forecast calls for below normal temperatures and normal to above normal precipitation. Opening call: Soybeans 8 to 10 cents higher. Meal $2.00 to $3.00 higher. Oil .10 to .20 higher. Overnight Chinese Soybeans and meal closed higher, Oil Lower. Malaysian palm oil closed lower.

Top News **StatsCan Mar 31: Canola Stocks: 3.7 mln mt; expected 3.8 mln mt -- Analysts expect Friday's Soybean ending stocks at 152.0 mln bu vs April's 160.0 -- Egypt's GASC buys 15,000 mt of Soybean Oil for LH June delivery & 6,000 mt of Sunflower Oil for prompt delivery, acc. to cash merchandisers. -- Food ministry in India says there are no near term plans to lower edible oil import duties -- January Soybean futures on the Dalian exchange were 19 yuan better at 4,164, Sept Soymeal was 2 yuan higher at 3,444, Sept Soybean oil was down 118 yuan at 10,788.
-- Brazil grain analyst Celeres estimates Brazil Soybean harvest at 93% complete.-- Malaysian Palm oil futures July contract settled down 32 ringgit at 3,355 ringgit ($1,063)m/t. -- Globex Soybean Vol. 90,803; Pit Vol. 11,790; Open Interest Change: + 633 -- Weather: 6-10 Day Forecast: Below Normal Temps. Normal to Above Precip. The Corn Belt will see scattered showers and storms today into Thursday. Friday and Saturday look dry. Sunday will see scattered showers. Temps near to below normal. -- Outside markets: Energy Complex -0.12 at $121.72; Gold & Silver: -11.2 at $866.8 & -0.304 at $16.559; US $ is trading slightly better vs. Yen & is better vs. Euro.

Cash Markets

-- CIF Soybeans off 2 to 7. May +10 to +15, June +28 to +33, July +30 to +40, Sept. +16 to +25, Oct. +16 to +20, Nov. +20 to +25

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