Afternoon trading faded the double digit midday gains and slipped to just 3 1/2 to 4 1/2 cents higher at the close. CME still shows no deliveries against March soybeans nor soy oil. There have been 21 meal contracts delivered against. March contracts roll off the board on Friday. Soymeal futures closed the Monday session with $1.60 to $1.90/ton losses. BO futures also faded midday gains but still ended the day 66 to 68 points in the black. EU Rapeseed Futures set an all time high on Monday (528.75 Euro/tonne) as the global veg oil shortage continues to surge prices.

Soybean shipments for the week ending March 4th were 587,594 MT. That was down from 1.004 MMT LW, but in line with 589,900 the same week last season. The MYTD shipment to 52.591 MMT. At this point last season exports were 30.012 MMT. Pakistan purchased 594k MT of optional origin new crop beans via an international tender.

 Ahead of tomorrow’s WASDE estimates, traders are looking for USDA to set soy carryout at 117 mbu. 

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