Soy Futures Mixed Mostly Higher

The Friday soy complex is mixed, but beans and meal are staging a recovery through midday. For beans that has the board back up by 7 1/4 to 9 1/2 cents. Soymeal prices are back up by $6.30 to $7.10/ton so far. BO futures are 119 to 21 points in the red through midday. 

Going into the Feb WASDE report, analysts surveyed are estimating the U.S. soybean carryout at 315.7 mbu on average. That would be a 34.3 mbu drop from the Jan figure if realized. For South American output the trade is looking for USDA to cut between 1.5 MMT and 12.5 MTM from Brazil’s output and 0.5 to 4 MMT from Argentina. The average estimate is to see 133.5 MMT for Brazil and 443 MMT for Argentina. 

The Buenos Aires Grains Exchange reported their new estimate at 42 MMT for 21/22 soybean production. 

USDA announced a large private export sale this morning as unknown destinations bought 295k MT of soybeans. The sale was to be split 252k MT of old crop, with the remaining 43k MT for 22/23 delivery. USDA’s weekly Export Sales report showed 1.095 MMT of soybeans were booked during the week that ended 1/27, though 459k MT were previously announced. New crop business was reported at 881,816 MT for the same week. 

Mar 22 Soybeans  are at $15.54 1/4, up 10 cents,

Nearby Cash   is at $15.08, up 9 3/4 cents,

May 22 Soybeans  are at $15.57 1/4, up 10 1/4 cents,

Nov 22 Soybeans  are at $13.97 1/4, up 4 1/2 cents,

New Crop Cash   is at $13.46 1/1, up 6 1/8 cents,