March 3, 2009

US soy prices traded range bound amidst dull trading activity on Saturday (Feb 28) as Argentine government refused to lower soy export tax.

Current soy export tax is 35 percent but farm groups are still approaching the government, trying to resolve this issue.

The USDA's weekly export sales figure was bearish for soy, soy oil and meal. Net sales of soy were at 339,400 tonnes for the current marketing year and 8,300 for next year for a total of 347,700.

Net meal sales were 145,600 tonnes, all for the current marketing year while meal stocks were 447,000 short tonnes which is higher than expected.

As per WASDE, USDA, global oilseed stocks are projected at 61.6 million tonnes, down 3.8 million tonnes.