Soybean futures settled the Friday session mostly 2 cents higher, following Thursday’s losses. December meal was up $2.70/ton, with nearby bean oil down 33 points. The USDA raised the average farm price range for soybeans 10 cents to $8.45 - $10.15, with the midpoint @ $9.30. Soybean export commitments so far this year are now lagging last year by 12.9%, losing ground since last week on fewer sales and shipments. AgRural estimates that 57% of the Brazilian soybean crop has been planted, picking up steam vs. the average of 56% but still slower than last year. Abiove expects Brazilian crushers to produce 31% more biodiesel in 2018 to meet an increased blend requirement there. They also estimate that only 1.5 MMT of soybeans of additional soybeans will be used to get to get that 31% increase in biodiesel. In Argentina, BAGE projects that 12% of the crop is planted, progressing over last week’s 7.2%.

Nov 17 Soybeans closed at $9.77 1/4, up 2 cents,

Jan 18 Soybeans closed at $9.87, up 2 cents,

Mar 18 Soybeans closed at $9.98, up 2 cents,

Jul 18 Soybeans closed at $10.15 1/2, up 2 cents,

Dec 17 Soybean Meal closed at $314.50, up $2.70,

Dec 17 Soybean Oil closed at $34.81, down $0.33

Market Commentary provided by:

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