Soybean futures are 3 to 4 cents higher this morning. They saw a 6 to 9 cent drop in most contracts on Monday, with pressure from forecasts for improved rains in Argentina and a melt down on Wall Street. Meal futures were down $4.40/ton, with nearby soy oil 1 point lower. A private export sale of 198,600 MT of soybeans to Unknown Destinations, was reported by the USDA Monday morning under the daily system. Monday’s USDA inspections report showed exports of 1.304 MMT of soybeans for the week ending Feb 1. That was 15.33% above last week but 20.98% behind this week last year. The average trade guess for 2017/18 soybean ending stocks in Thursday’s USDA Supply and Demand report is 487.8 mbu, 17.8 mbu larger than January. Traders are expecting another cut in export projections.

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