Soybean futures are 2 to 3 cents higher this morning. They settled 1 lower to 3 higher on Friday. Nearby Soymeal futures were down $3.80/ton on Friday, with nearby soy oil down 6 points. Soybean export commitments as of Feb 22 for soybeans were 12.5% lower than the same time last year. BAGE trimmed their expected Argentine soybean production number 3 MMT to 44 MMT. Informa is also apparently at 44 MMT. The average trade guess is still 48.5 MMT in a Bloomberg survey. USDA was at 54 MMT for Argentina in February. They will update on March 8. Brazil was 113.9 MMT in the same survey, but AgRural is up at a record 117.9 MMT! Brazil exported 2.864 MMT of soybeans during February according to their country’s Trade Ministry. That was 83.12% larger than January, but down from last year by 18.9%. SAFRAS estimated that 31% of the Brazilian crop is harvested, lagging the 39% average and last year’s 46%. The delay is all in the south, with Mato Grosso ahead of the 5 year average.

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