Soybean futures are currently 2 to 3 cents lower after ending Turnaround Tuesday with most contracts 6 to 7 cents higher. Meal futures were up $1.60/ton in the nearby contract, with soy oil 38 points higher. This Friday’s NOPA crush report is expected to show February crush at 158.73 mbu, which would be a record for that month if realized. IEG Vantage cut their 2019 US soybean acreage estimate by 550,000 acres to 85.494 million acres. CONAB revised their 18/19 soybean crop projection to 113.459 MMT, down 1.884 MMT from their previous number. AgRural raised their estimate slightly to 112.9 MMT. USDA is 116.5 MMT.
--provided by Brugler Marketing & Management