On Friday, soybeans recorded gains of 5 to 6 cents in nearby contracts, with cash bean prices rising by 5 3/4 cents to $10.89 1/2 per bushel. The March soybean futures faced 138 deliveries overnight, while March soybean meal had 102 notices and bean oil saw 340 deliveries.
The USDA’s Export Sales report from the week of February 19 revealed total soybean export commitments at 35.65 million metric tons (MMT), reflecting a 19% decrease compared to the previous year, which represents 83% of the USDA’s export estimate—a rate behind the average pace of 91%.
Brazil’s crop estimates indicate a soybean production of 177.72 MMT, down 1.36 MMT from prior forecasts, while Rabobank predicts an uptick to 181 MMT, up 2 MMT from previous estimates.
