Soybeans (P) Futures PricesMon, Mar 10th, 2014
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Soybean futures closed 27 to 39 cents lower on the day. The trade was 10 to 12 cents lower earlier in the session but succumbed to intense selling pressure after the Mar WASDE was released. Export inspections initially looked strong, but USDA issued a revised report which reduced the weekly total to 1.079 MMT from the original 1.505 MMT release. USDA put soybean ending stocks @ 145 MB, cutting crush use while raising both export and summer imports. Weaker biodiesel use of soy oil was noted, along with weaker domestic meal use. USDA pegged Argentina figure at 54.0 MMT (unchanged from Feb) and the Brazilian figure at 88.5 MMT (1.5 MMT lower than the Feb figure of 90.0 MMT).
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