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Soybeans

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Soybean futures are currently 2 to 3 cents lower after 7 to 10 cent gains in most nearby contracts on Tuesday. Meal futures were up $7.40/ton, with nearby soy oil down 28 points. The CME group hiked meal margin requirements from $1000 to $1200. Forecasts are calling for continued dryness in Argentina this week, with a chance of rain by the weekend. According to DTN, the average US cash price for soybeans on Monday was $9.32 3/4, 46 cents lower than the same day in 2017. That would put the average soybean basis at -69 cents, 6 1/2 cents stronger than last year. Analysts are expecting Thursday’s NOPA report to show 165.511 mbu of soybeans were crushed during January. That would be 3.04% larger than the same time month last year.

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