Soybean futures are currently 10 to 13 1/2 cents higher after settling the Friday session with most contracts 3 to 5 cents higher. Moisture in Argentina over the weekend was less than expected and there may also be some stock market cash trying to find a home. 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%. Some catch up is expected in Parana this week. Yields in Mato Grosso have been excellent according to local media.

Market Commentary provided by:

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