Soybean futures are currently steady to 3/4 cent higher after ending the Thursday session with most contracts 2 to 6 1/4 cents lower. Meal futures were down $3.30/ton, with nearby soy oil 32 points lower. The weekly Export Sales report showed 17/18 sales of soybeans at 607,381 MT for the week ending 1/4, with 9,000 MT for new crop. That is 74.1% larger than this time last year. Export shipments tallied 1.546 MMT, an 8% jump over last year. Total soy meal sales were at 226,905 MT. Brazil’s CONAB raised their 17/18 soybean crop projection 1.2 MMT to 110.4 MMT, with a couple other South American firms now expecting 114-114.1 MMT. Argentina’s crop is seen at 52 MMT by the Rosario Grain Exchange down 2.5 MMT from their previous estimate. The range of estimates for this morning’s Grain Stocks report was 440-595 million bushels with only two firms thinking it might be smaller than last month’s 445 million.

Market Commentary provided by:

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