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Soybeans up on weekly export numbers

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CASCAVEL/PR - 16-02-2011 - Colheita e plantação de soja no interior de Cascavel. Foto Jonas Oliveira

Soybeans were modestly higher on commercial and technical buying, but still posted a week to week loss. Weekly export numbers were bullish and the USDA’s Ag Outlook Forum numbers have been largely neutral as this year’s crop isn’t planted yet. USDA sees 2017 production at 4.18 billion bushels with an average yield of 48 bushels per acre and 2017/18 ending stocks at 420 million bushels. The trade’s continuing to watch harvest activity in South America with Safras e Mercado now pegging Brazil’s state of Mato Grosso at 66% complete. Soybean meal and oil were higher, following beans. The International Grains Council sees 2016/17 world soybean production at 336 million tons, up 2 million from the last guess.

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