Soybean futures are currently 4 cents per bushel higher after closing 8 to 9 1/2 cents lower on Monday due to long liquidation and a plunge in soy oil. Preliminary open interest dropped 5197 contracts for soybeans. Meal futures were down $1.20/ton in the nearby contracts, with soy oil 63 points lower. Soybean shipments in the week that ended Feb 7 totaled 1.064 MMT, with 487,450 MT headed to China. That was down a slight 2.64% from last week and still 20.58% below this time last year. On Friday, WAOB trimmed the 18/19 US use total by a net 15 mbu, thanks to a 25 mbu reduction to export that was partially offset by 10 mbu larger crush. AgRural estimates that Brazil’s soybean harvest is 26% complete, vs. the 12% average. They also slashed their production estimate by 4.4 MMT to 112.5 MMT, vs. the latest USDA estimate of 117 MMT. CONAB is expected to release their updated numbers today.
--provided by Brugler Marketing & Management