Soybeans

Soybean futures are trading 2 to 2 cents higher after ending Wednesday with most contracts 3 1/4 to 5 cents lower. Meal futures were up $3.70/ton yesterday, with nearby soy oil 60 points lower. The average trade guess ahead of the weekly Export Sales report calls for 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 are 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. Data from Census shows US soybean exports during December at 6.452 MMT. That is 19.17% lower than Dec 2016 and lagged November 2017 by 28.57%. A Reuters survey shows traders expecting the final 17/18 Brazilian production number to total 112.6 MMT, up from 110.2 MMT in January. USDA will update their numbers for Brazil and Argentina at 11 AM CST.




Market Commentary provided by:

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