Soybean futures are showing steady to 1 1/4 cents higher trade on Wednesday. Meal futures are up $4.20/ton, with nearby soy oil 38 points lower. Meal is higher on concerns that Argentine soy meal exports will be hurt by the dryness. The average trade guess ahead of the weekly Export Sales report on Thursday is 400,000-700,000 MT for old crop soybean sales. This comes after a disappointing 359,014 MT was report in last week’s report. There is also 0-100,000 MT expected for new crop sales. Soy meal sales are seen at 150,000-450,000 MT, with 8,000-35,000 MT projected in soy oil sales. Thursday’s monthly WASDE report is expected to show world ending stocks trimmed slightly to 98.3 MMT, as production is seen lower. A separate Reuters survey shows traders expecting the final 17/18 Brazilian production number to total 112.6 MMT, up from 110.2 MMT in January.

Mar 18 Soybeans are at $9.87 1/2, up 1 1/4 cents,

May 18 Soybeans are at $9.98 1/2, up 3/4 cent,

Jul 18 Soybeans are at $10.08, up 1/2 cent,

Aug 18 Soybeans are at $10.10, up 1/4 cent,

Mar 18 Soybean Meal is at $335.90, up $4.20

Mar 18 Soybean Oil is at $32.78, down $0.38

Market Commentary provided by:

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