Soybean futures saw a 6 to 9 cent drop in most contracts on Monday, with pressure from forecasts for improved rains in Argentina. Meal futures were down $4.40/ton, with nearby soy oil 1 point lower. A private export sale of 198,600 MT of soybeans to Unknown Destinations, was reported by the USDA this morning under the daily system. This morning’s USDA inspections report showed exports of 1.304 MMT of soybeans for the week ending Feb 1. That was 15.33% above last week but 20.98% behind this week last year. Stats Canada reported the country’s canola stocks on Dec 31 were 14.146 MMT. That was slightly lower than trade expectations of 14.3 MMT but 5.7% larger than December 2016 and still a new record high year end inventory.

Mar 18 Soybeans closed at $9.69 3/4, down 9 cents,

May 18 Soybeans closed at $9.81 1/4, down 9 cents,

Jul 18 Soybeans closed at $9.91 1/4, down 8 1/2 cents,

Sep 18 Soybeans closed at $9.90 1/2, down 7 1/4 cents,

Mar 18 Soybean Meal closed at $327.00, down $4.40,

Mar 18 Soybean Oil closed at $32.50, down $0.01

Market Commentary provided by:

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