Soybean futures saw 2 to 2 3/4 cent gains in the front months on Monday. Meal futures were up a dime/ton, with soy oil 16 points higher.
USDA indicated that 857,970 MT of soybeans were exported in the week that ended on March 21, according to this morning’s Export Inspections report.
That is slightly higher than last week and 20.84% larger than the same week a year ago. Of that total, 335,241 MT was headed to China. AgRural estimates that the Brazilian soybean harvest is 67%, vs. the average of 63%.
Chinese customs data shows that the country imported 907,754 MT of US soybeans in February, up sharply from January, but still lagging 3.35 MMT in the same month last year.