Soybean futures are 6 to 8 cents lower morning. They saw most contracts 5 to 6 1/4 cents lower on Friday due to increased chances of rains in Argentina. Meal futures were down $2.60/ton, with nearby soy oil 39 points in the red. Friday’s COT report showed managed money shaving 59,689 contracts off their net short position as of 1/30 to -21,849 contracts. Today’s Stats Canada report is expected (wire surveys) to show 14.3 MMT in canola stocks on Dec 31, 6.84% larger than a year ago. On Friday, AgRural raised their 17/18 Brazil production estimate to 116.2 MMT, with Informa projecting 112.5 MMT. Consultant Informa is at 112.5 MMT. Safras & Mercado estimates that 5.69% of the country’s soybeans have been harvested, lagging the average of 7.6% and last year’s 10.1%. Progress is ahead of average in Mato Grosso, but lags in Parana.

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