Good morning!
Nearby soybean futures are bumping up against resistance on the chart at $14.00, which was yesterday’s high. The high overnight on March beans was $13.9950. Chinese futures were a mixed input… Dalian soybeans closed lower, but dryer weather in SE Asia rallied palm oil prices, which is supporting soybean oil – and may end up supporting our CBOT soybeans before the day is over.
There is a general lack of new news pushing our markets today. There are stories leaking out about production losses in South America as Parana (a state in Brazil, Brazil’s second largest bean producing state) lowered their production estimates by 2 MMT. Blame hot dry weather in Jan/Feb for that.
Opening Calls
Corn down 1 to 3 cents
Soybeans down 4 to 6 cents
Have a great day!
@fccoopgrain
Dustin Weiner
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