Soybean futures were 3 to 4 3/4 cents higher in most contracts on Thursday. Meal futures were up $6.30/ton, with nearby soy oil down 35 points. The USDA reported 743,223 MT of old crop soybean export sales during the week of 2/1, edging out expectations. That was more than double last week’s sales and 61.4% larger than this week last year. Soy meal sales were tallied at 160,753 MT, with soy oil at 7,793 MT. This morning’s WASDE report showed US soybean exports trimmed 60 mbu by the USDA, causing ending stocks to rise the same amount to 530 mbu. On the world side Brazil production was increased 2 to 112 MMT, while Argentina offset that amount with a drop from 56 MMT to 54 MMT. The Buenos Aires Grain Exchange now estimates the crop at 50 MMT, down 1 from their previous report. The world ending stocks projection was slightly lower at 98.13 MMT.

Mar 18 Soybeans closed at $9.87 3/4, up 4 3/4 cents,

May 18 Soybeans closed at $9.98 3/4, up 4 1/2 cents,

Jul 18 Soybeans closed at $10.08 1/4, up 4 1/4 cents,

Sep 18 Soybeans closed at $10.05, up 4 cents,

Mar 18 Soybean Meal closed at $341.70, up $6.30,

Mar 18 Soybean Oil closed at $32.21, down $0.35

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