Soybean futures are mostly 3 to 4 cents higher this morning. They ended the Thursday session with most contracts 7 to 13 cents higher. Soy meal was up $3.20/ton, with front month soy oil 10 points higher. Exports of soybeans were a MY low 419,715 MT for the week that ended 4/5, down 27.6% from the previous week. Total commitments of soybean exports are now 3.8% lower than this time last year. The larger sale totals in recent weeks have allowed commitments get a lot closer to the USDA projection. They are now 94% of that number vs. the average of 96% and last year’s 95%. Shipments of soy meal were reported at 297,363 MT, with soy oil just 2,898 MT. The Rosario Grain exchange trimmed their Argentine soybean production estimate another 3 MMT to 37 MMT, compared to the USDA’s new 40 MMT.

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