Soybean futures are mostly 2 to 3 cents higher this morning in Turnaround Tuesday action. They were down 9 to 12 1/4 cents to start the week, despite a strong NOPA report. Soy meal was down $5/ton, with front month soy oil 30 points lower. The Export Inspections report indicated that 444,987 MT of soybeans were shipped for the week ending April 12. That was 16.74% larger than the previous week but 2.11% slower than a year ago for this week. The monthly NOPA report showed the group’s members crushing a record 171.858 mbu of soybeans during March. That was well above the average trade guess, as it was 11.8% larger than February and 12.28% above March 2017. Beating February is easy with 3 more processing days, but the year/year is impressive. Soy oil stocks grew by almost 4.87% from last month at 1.946 billion pounds. Nearby BO futures dropped to the lowest price since June 2017. Safras & Mercado updated their soybean production estimate for Brazil to 119.2 MMT.

Market Commentary provided by:

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