Soybean prices closed marginally higher on Friday up ¾ of a cent in the May contract. Traders defined the action as “slow” With a lack of any new fundamental news the market will now set itself up for the March 10th USDA crop report. Corn was a downside leader ending almost 2% lower for the session however failed to lead the soy complex lower. Funds were buyers and more than likely kept the market higher. Volume on Friday was moderate to light. Soybeans traded 117,342, Meal 62,552, Oil 52,513. Funds were net buyers of an estimated 2,000 Soybeans, 1,000 Oil and even in Meal.
Opening call, Higher. Estimates for Wednesdays crop production report for Soybeans are 3.350 slightly below January’s estimate of 3.361. Ending stocks Brazil’s Safras Mercado estimates Brazil Soybean harvest at 33% complete as of Friday March 5th. This compares with 27% last week, 27% last year and 20 % average. Wet weather over the US Midwest and melting snow cover has some farmers nervous that this would be a repeat wet spring like the last 2 years. Warmer drier air takes over next week. The market remains in a downtrend although quiet. Look to be a seller of May beans at 954. Overnight Chinese Soybean, Meal and Oil futures closed higher.
Opening call: Soybeans 2 to 4 cents higher, Oil .10 to .30 higher and Meal .50 to $1.00 higher.
Top News -- 40,000 to 60,000 mt of US or Brazil Soybeans is being sought by Taiwan's BSPA group in a Tuesday, Mar 9th tender & for delivery in FH May, acc. to traders -- Ending stocks of US Soybeans in this week's USDA monthly report shows 194 mln bu are expected down 16 mln bu from the prior month's report -- Heilongjiang region official suggests the province would look to give farmers incentives to change Soybean crops to other crops such as Wheat as returns on soy decline -- Ag ministry data from Argentina estimates 29% of the 1.49 mln ha of sunseed have been harvested in the latest weekly data. -- In testimony before a Senate panel on Wednesday, EPA chief Lisa Jackson said the agency would make a decision by "late summer" on whether to allow an increase in the ethanol blend limit beyond the current 10% -- Ethanol traders expressed disappointment in the EPA statement, as a decision was previously expected in June, representing yet another delay on a verdict -- South Dakota state government has joined Indiana in a push to promote more E-85 retail fuel pumps, by issuing more grants and loan guarantees -- State-owned Petrobras looking to acquire a 40% stake in the new Brenco-ETH Bioenergia merger, as a way to guard against excessive foreign involvement in Brazil's ethanol sector -- Pending Tender: Merchandisers say Uzbekistan in a March 15th tender is seeking 50,000 mt of Brazilian soybeans. Delivery is to a Russian port within 30 days of receiving letter of credit -- Dalian Sep Soybean futures gained 14 yuan to 3,836 yuan/mt, while soymeal futures added 19 yuan to 2,785 yuan/mt on Monday -- Dalian Sep Soyoil futures gained 44 yuan to 7,532 yuan/mt, while palm oil futures added 48 yuan to 7,014 yuan/mt on Monday -- Expected bullish sentiment from palm oil conference this week helped boost the May Malaysian palm futures contract by +39 ringgit to 2,709 ringgit/mt on Monday -- Liffe May rapeseed futures were 1.00 euro better at 296.00 euros/mt. -- Globex Soybean Vol. 105,680; Pit Vol. 8,717; Open Interest Change: + 6,735 -- Weather: 6 - 10 Day Forecast: Normal to Above Temps. Normal to Above Precip. -- Outside markets: Energy Complex +0.25 at $81.75; Gold & Silver: -0.5 at $1134.7 & +0.063 at $17.445; US $ -0.170 at $80.290
Cash Markets -- CIF Soybeans steady up 5. FH Mar. +53 to +60, Mar. +52 to +55, April +47 to +51, May +47 to +53, June +45 to +55, July +49 to +55, Oct. +43 to +45, Nov. +45 to +48, Jan. +45 to +50