Soybean futures settled with 7 to 10 cent gains in most nearby contracts. Meal futures were up $7.40/ton, with nearby soy oil down 28 points. Forecasts are calling for continued dryness in Argentina this week, with a chance of rain by the weekend. According to DTN, the average US cash price for soybeans on Monday was $9.32 3/4, 46 cents lower than the same day in 2017. That would put the average soybean basis at -69 cents, 6 1/2 cents stronger than last year. Analysts are expecting Thursday’s NOPA report to show that 165.511 mbu of soybeans were crushed during January. That would be 3.04% larger than the same time last year, and the second largest behind December 2017.

Mar 18 Soybeans closed at $10.11 3/4, up 10 cents,

May 18 Soybeans closed at $10.22 1/4, up 9 3/4 cents,

Jul 18 Soybeans closed at $10.32, up 10 cents,

Sep 18 Soybeans closed at $10.23 3/4, up 7 cents,

Mar 18 Soybean Meal closed at $365.20, up $7.40,

Mar 18 Soybean Oil closed at $31.57, down $0.28

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