Soybean prices closed slightly higher in an extremely light volume affair. With the market seemingly stuck in a range ahead of tomorrows USDA crop production report. Soybean shipments announced yesterday were 30.9 mil. This takes the total to date to 1.138 bil. bu. vs. 855 mil last year. Volume was very light on Monday. Soybeans traded 89,827, Meal 47, 129 and Oil 50,179. Funds were net buyers of an estimated 3,000 Soybeans, 2,000 Oil and 1,000 Meal.

Opening call lower. Overnight markets were under pressure from outside markets and potential long liquidation ahead of the USDA report. $USD is trading 35 higher this morning. Brazil’s crop agency Conab in its March report estimates that 2009/10 Brazil Soybean crop is at 67.5 mmt up from the February estimate of 66.7 mmt. This compares to last years crop of 57.1. Brrazil analyst Celeres estimated Brazil Soybean harvest is 32% complete as of March 5th. China’s Ministry of Commerce cut its estimate for February Soybean imports to 3.03 mmt vs. their previous estimate of 3.32 mmt. Last year China imported 3.26 mmt in. Feb. The Senate is supposed to vote on a Jobs bill today that contains a 1 year extension to the $1.00 Biodiesel tax credit. Look for the market to be somewhat quiet today ahead of the USDA report. Look to be a seller of May soybeans at 949. Overnight Chinese Soybeans, Meal and Oil futures closed higher.

Opening Call: Soybeans 4 to 6 cents lower, Meal $1.00 to $3.00 lower and Oil .20 to .30 lower.

Top News -- Another Brazil gov't agency IBGE estimates the 09/10 Soybean crop at 66.9 mln mt, up 800,000 mt above their prior forecast. That compares to CONAB's estimate of 67.5 mln mt also released today -- Brazil's CONAB estimates the 09/10 Soybean crop at 67.5 mln mt, up 800,000 mt above their prior estimate. Last season's crop was 57.2 mln mt -- Refined palm oil prices were quoted $815/mt in Malaysia for prompt March delivery, while palm olein was $830/mt on Tuesday -- Malaysian cash crude palm prices were 2,690 to 2,700 ringgit/mt on Tuesday -- Celeres estimates as of March 5th, 32% of the soy crop had been harvested, up from the 26% pace last year in the same period. -- Celeres estimate of soybean forward sales were lower than the year ago week of March 5th, coming in this week at 32% sold vs last year's 37% forward sold pace -- Good worldwide demand for vegoil will keep palm oil prices higher in the first half of 2010, acc. to analysts at a German based ag group. -- Ending stocks of US Soybeans are expected to show in this week's USDA monthly report 194 mln bu are expected down 16 mln bu from the prior month's report -- Pending Tender: 40,000 to 60,000 mt of US or Brazil Soybeans is being sought by Taiwan's BSPA group in a Tuesday, Mar 9th tender & for delivery in FH May, acc. to traders -- Pending Tender: Merchandisers say Uzbekistan in a March 15th tender is seeking 50,000 mt of Brazilian soybeans. Delivery is to a Russian port within 30 days of receiving letter of credit -- Monday's USDA Weekly Soybean Inspections: 30.933 mln bu ; expected 35.5 mln bu -- MARCH 2010 SOYBEAN FUTURES 3/8/10 : 35 contracts -- MARCH 2010 SOYBEAN OIL FUTURES 3/8/10 : 279 contracts -- MARCH 2010 SOYBEAN MEAL FUTURES 3/8/10 : 400 contracts -- Chinese Sep Soybean futures were 4 higher on Tuesday at 3,840 ringitt/mt, Sep soymeal futures rose 7 to end Tuesday's session at 2,792 ringgit/mt -- Dalian vegoil contracts traded higher on Tuesday, Sep soyoil futures adding 22 yuan to ,7,554 yuan/mt, while palm oil jumped 44 yuan to end Tuesday at 7,054 yuan/mt -- Refined palm oil prices were quoted $815/mt in Malaysia for prompt March delivery, while palm olein was $830/mt on Tuesday -- Liffe May rapeseed futures were off -1.75 euro at 294.50 euros/mt. -- Globex Soybean Vol. 76,727; Pit Vol. 7,897; Open Interest Change: - 1,689 -- Weather: 6 - 10 Day Forecast: Normal to Above Temps West, Below East. Below Normal Precip. -- Outside markets: Energy Complex -1.54 at $80.33; Gold & Silver: -12.1 at $1111.9 & -0.332 at $16.940; US $ +0.385 at $80.840

Cash Markets -- CIF Soybeans steady off 2. FH Mar. +54 to +60, Mar. +50 to +55, April +45 to +52, May +45 to +53, June +45 to +55, July +45 to +55, Oct. +43 to +45, Nov. +45 to +48, Jan. +45 to +50