Soybeans fell off the intraday highs by 20+ cents, into the Friday close, with contracts closing 2 to 3 cents higher. March was still 51 cents higher this week. Some spreading took place, with November up just 14 ¼ cents this week. The cmdtyView national average Cash Bean price was 1 3/4 cents higher at $10.49 3/4. Soymeal futures steady to $1 higher, with March up $10 this week. Soy Oil futures were down 32 to 33 points in the nearbys, with March still up 182 points this week. The average close for November futures for February is used for determining the spring crop insurance price. Thus far the average close has been $10.87, above the $10.54 from last year.
USDA’s Export Sales data tallied soybean export commitments at 34.29 MMT, which is now down 20% from the same period last year. That is 80% of USDA’s export projection, picking up on the 5-year average pace of 88%.
