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Soybean futures traded 6 to 7 cents off on Friday, after ending Thursday a couple pennies lower. The Mar16 contract lost 14 3/4 cents from last Friday. The Mar16 soy oil contract was up 35 cents this week, but meal was down $7.40. In anticipation for the WASDE report next Tuesday, the average trade guess for 15/16 ending stocks is 449 mbu (Jan: 440 mbu). The same survey of trade analysts projects (on average) that world ending stocks will be 79.09 MMT (Jan 79.28 MMT). Brazilian bean production is expected to slip by 0.8 MMT from the Jan estimate to 99.2 MMT, while Argentinean bean production is expected to rise to 57.3 MMT, up 0.3 MMT from the January report. The ag attache in Argentina pegged its production estimate at 58.5 MMT on higher yields. The Commitment of Traders report showed that managed money held a net short position of 25,862 contracts as of the close on Tuesday, February 2. This was a reduction of 4,594 contracts to the net short position from the Tuesday before.
Mar 16 Soybeans settled at $8.67 1/2, down 7 cents,
May 16 Soybeans settled at $8.71 1/4, down 6 1/4 cents,
Jul 16 Soybeans settled at $8.77 3/4, down 6 cents,
Aug 16 Soybeans settled at $8.80, down 6 cents,
Mar 16 Soybean Meal settled at $265.00, down $2.60,