The soybean trade worked higher with double digit gains of as much as 14 cents in the beans. Meal prices provided the bullish input, with front month gains of $6.20 to $7.10. BO prices settled up by 5 to 15 points. 

USDA reported 735,951 MT of soybeans were booked during the week that ended 1/26. That was a decrease from last week’s 1 MMT sale and was below half of the same week last year at the bottom of the range of estimates. New crop sales were 192k MT for a 718k MT total forward book. 

USDA’s FAS reported soymeal export sales were 165,419 MT for 22/23 delivery and 4,191 MT for the 23/24 MY. In soybean oil, USDA had 851 MT sold for the week that ended 1/26. 

Brokerage StoneX revised their Brazilian soy production estimate as yields in Mato Grosso offset weaker production in the South. Their new forecast is for a 154.2 MMT crop, compared to 153.8 MMT in their prior projection. Brazil reported January’s soybean exports were 851,878 MT, down from 2.452 MMT in Jan of ’22. 

Mar 23 Soybeans  closed at $15.34 1/4, up 14 cents,

Nearby Cash  was $14.94 7/8, up 13 3/8 cents,

May 23 Soybeans  closed at $15.27 3/4, up 11 1/4 cents,

Jul 23 Soybeans  closed at $15.18 1/2, up 10 1/2 cents,