Soybean futures settled the Friday session with most contracts 3 to 5 cents higher. Meal futures were up $2.10/ton, with nearby soy oil 25 points lower. Nearby March soy meal gained 3.74% on the week over concerns of the Argentine soybean crop. This afternoon’s CFTC Commitment of Traders report indicated that money managers were net short 9,978 contracts as of Feb 6. That is an +11,871 contract move from the previous week. AgRural estimates that the Brazilian soybean crop is now 10% harvested, lagging last year’s 19% and the average of 12%. Most of the progress has been made in the state of Mato Grosso, at 30% complete, with Parana only 1% harvested vs. the average of 16%.

Mar 18 Soybeans closed at $9.83, down 4 3/4 cents,

May 18 Soybeans closed at $9.93 1/2, down 5 1/4 cents,

Jul 18 Soybeans closed at $10.03 1/2, down 4 3/4 cents,

Sep 18 Soybeans closed at $10.00 1/4, down 4 3/4 cents,

Mar 18 Soybean Meal closed at $343.80, up $2.10,

Mar 18 Soybean Oil closed at $31.96, down $0.25

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