Soybeans Lower Despite Chinses Exemptions/Record NOPA Crush

Soybeans are lower on Tuesday, as front month futures are down fractionally to 1 1/4 cents. Meal and oil futures are mixed, soybean meal futures are 80 cents/ton higher, but soybean oil futures are down by a point. China will start granting tariff exemptions on 696 US goods including soybeans, with applications for Chinese firms beginning March 2. The exemptions, if accepted, are good for one calendar year. NOPA crushers used 176.94 mbu of soybeans in January. That was 1.2% higher than December’s crush, and 3% yr/yr for a new January record; the Jan crush is also an all-time high for any month. Soybean oil stocks were at 2.012 billion lbs in January. That was a 14.5% increase over December, a 29.9% increase yr/yr, and the largest stocks since April of ’08. Soybean exports from this morning’s USDA Export Inspections report were 54.9% higher wk/wk to 992,294 MT. The week’s soybean exports were below the same week last year by 8.42%. Accumulated soybean exports are 1.039 bbu through the week ending 02/13, which is 18.75% above last year’s pace. AgRural hiked their estimate of Brazilian soybean production to another record high at 125.6 MMT, tallying the harvest at 21% complete vs. 36% last year.

Mar 20 Soybeans are at $8.93, down 3/4 cent,

May 20 Soybeans are at $9.02 3/4, down 1/2 cent,

Jul 20 Soybeans are at $9.14 1/2, down 1 cent,

Aug 20 Soybeans are at $9.18, down 1 1/4 cents,

Mar 20 Soybean Meal is at $291.90, up $0.80

Mar 20 Soybean Oil is at $30.56, down $0.01

--- provided by Brugler Marketing & Management

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