Soybeans are starting of the USDA report day with 5 to 6 cent gains. Futures slipped off the midday highs on Friday with contracts up 1 to 1 ½ ents in the front months at the close. March was up 16 3/4 cents on the week. Open interest was up 10,054 contracts, mostly in March and July. The cmdtyView national average Cash Bean price was 1 1/2 cents higher at $9.90 3/4. Soymeal futures closed Friday with January down 40 cents and other contracts up a dime to $1.80, as March was up $7.70 last week. Soy Oil futures were 15 to 23 points higher on the day, as March was 39 points higher on the week. There were 33 deliveries issued against soybeans on Friday night, with 2 for January bean meal.
A private export sale of 198,000 MT of soybeans were sold to unknown destinations on Friday according to the USDA. Wire sources indicated that China bought another 10 cargoes of US beans for April – May shipment on Friday.
