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Soybean futures maintained double-digit losses through the day; meal added to its red ink, ending down $7.70 for the March, and bean oil was down 77 cents. The strong dollar, especially against the Brazilian real, is a threat in this market. Lin Tan, a bean buyer for the Chinese company Hopefull, calculates the crush margin for US beans in GuangDong province to be a touch lower than beans from Brazil or Argentina at this time, although margins for beans from all three countries are back in the black, after dipping into the red zone during January. Chinese imports are expected to be slightly less than 5 MMT for the month. The trade average guess for soybean ending stocks next Tuesday is 377 million bushels, slipping about 8mbu from the February USDA figure of 385 mbu.
Mar 15 Soybeans closed at $9.89, down 19 3/4 cents,
May 15 Soybeans closed at $9.94, down 18 1/4 cents,
Jul 15 Soybeans closed at $9.99 3/4, down 17 1/2 cents,
Aug 15 Soybeans closed at $9.98 1/4, down 17 cents,
Mar 15 Soybean Meal closed at $334.10, down $7.70,