Soybean futures are trading 3 to 8 cents higher, while May contracts are down 1.5 cents. The cmdtyView national average cash bean price rose by 9 cents to $11.32 1/4. Notably, there were 367 soybean delivery notices overnight, with 712 issued against May soybean oil. Soymeal futures are steady to $1.70 lower, and soy oil futures increased by 22 to 42 points.
In February, soybean oil usage for biodiesel reached 1.058 million pounds, marking a seven-month high, constituting 44.34% of total biodiesel feedstock. The USDA’s upcoming Fats & Oils report expects a March crush of 231.1 million bushels and soybean oil stocks at 2.555 billion pounds. Furthermore, the USDA’s weekly Export Sales report indicates total soybean commitments at 38.776 million metric tons, an 18% decline from the same week last year.
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