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Soybean futures settled fractionally higher after posting a relatively narrow trading range for a crop-report-day; just 7 cents for front month March. USDA forecasted domestic crush to be 10 million bushels (mbu) smaller than it did in January, which took US ending stocks up 10 mbu from last month to 450 mbu in this report; slightly larger than the average pre-report trade guess. The range for the national average farm price stayed the same. Brazilian soybean production was held steady at 100 MMT, but the Argentine production figure was 1.5 MMT larger than a month ago. World ending stocks were up 1.14 MMT from the January report. Chinese imports were unchanged at 80.5 MMT, which would mean smaller year/year totals for each month remaining in the marketing year.
Mar 16 Soybeans settled at $8.63 1/4, up 3/4 cent,
May 16 Soybeans settled at $8.67 1/4, up 3/4 cent,
Jul 16 Soybeans settled at $8.73, up 1/2 cent,
Aug 16 Soybeans settled at $8.75, up 1/2 cent,
Mar 16 Soybean Meal settled at $263.10, down $1.40,