Soybean Morning Update
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Soybean Morning Update</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">QT News - Top News</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- India Solvent Extractors' Association on Tuesday reported the country's total vegoil imports during February fell 12% to 899,555 mt, their lowest levels since 2021. While palm oil imports during February were up +35.7% at 373,549 mt, those gains were offset by 36% drop in soyoil imports to 283,737 mt, and 20.8% fall in sunflower oil imports to 228,275 mt.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- India Solvent Extractors' Association on Tuesday reported the country's end of February vegoil stockpiles have dropped -14% to 1.87 mln mt, that's a new three year low level. An executive with the group said the country is trying to rebuild their stockpiles and expects March imports to improve from February's levels.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Less acres coupled with poor weather conditions suggest India's Cotton production will fall below consumption in the 24/25 crop year, according to the Cotton Association of India. The group believes cotton imports could double in the 24/25 MY to 3.0 million bales, noting since October 2024 2.2 mln bales of cotton has been imported. The group is forecasting cotton exports to fall to 1.7 mln bales from last year's 2.84 mln bales.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- China's agriculture ministry monthly crop Tuesday left their key 24/25 estimates for corn, cotton and soybean production and ending stocks unchanged in their monthly March report.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- EU and UK 2025 Rapeseed production forecast was slightly lowered to 20.3 mln mt by grain trade group, COCERAL on Tuesday. Their previous forecast was 20.3 mln mt back in December.</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Analysts Estimates for March 2025 USDA-WASDE US Production and US-World Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">To be released March 11, 2025 at 11:00 am CT</span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">)</span></p><br><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:13pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Soybeans</span></p><br><div align=\"left\" dir=\"ltr\" style=\"margin-left:0pt;\"><table style=\"border:none;border-collapse:collapse;\"><tbody><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">Average Estimate</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">USDA February 2025 Report</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">US 2025 Crop</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">(bln bu)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Soybean Production</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Soybean Yield</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">NA</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">US Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(bln bu)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">US 24/25 Marketing Year</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">0.37</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">0.380</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">World Ending Stocks</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">(mln mt)</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><br></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">24/25 Marketing Year</span></p></li></ul></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">124.6</span></p></td><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;text-align: center;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">124.34</span></p></td></tr><tr style=\"height:0pt;\"><td style=\"border-left:solid #ffffff 1pt;border-right:solid #ffffff 1pt;border-bottom:solid #ffffff 1pt;border-top:solid #ffffff 1pt;vertical-align:top;background-color:#d9ead3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;\"><p dir=\"ltr\" style=\"line-height:1.2;margin-top: