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Bean Market Lower at Midday

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Soybean futures are down by 3 1/4 to 6 1/4 cents. Soybean meal futures are $1.10/ton higher in May contracts. May bean oil futures are 29 points lower. USDA’s Export Sales report had bean bookings from the week ending 03/19 at 33.229 mbu, which was above the pre-report estimates. China purchased 199,316 MT of the week’s soybean sales, which was the highest for week 29 of the MY since 2009. Soybean exports for the week were 22.31 mbu, which put MYTD shipments at 1.150 bbu. China was the destination for 10.6% of the week’s exports and has has been the destination for 39.4% of bean exports this marketing year. Soybean meal sales were 251,217 MT on the same week, which was 198% above the same week last year’s sales. Soybean oil sales were 55,926 MT, which was well above the pre-report estimates and a MY high. The average trade estimate ahead of the Planting Intentions report appears to be 85 million acres for soybeans, up 12% yr/yr. The average March soybean stocks estimate is 2.228 bbu, last year was 2.727.

May 20 Soybeans are at $8.75 1/4, down 6 1/4 cents,

Jul 20 Soybeans are at $8.80 1/4, down 4 1/2 cents,

Aug 20 Soybeans are at $8.81 1/2, down 4 cents,

Sep 20 Soybeans are at $8.75 3/4, down 3 1/4 cents,

May 20 Soybean Meal is at $322.80, up $1.10

May 20 Soybean Oil is at $26.35, down $0.29

--- provided by Brugler Marketing & Management

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