Soybean futures are fractionally mixed heading into the weekly USDA Export Sales report. At the Wednesday close, soybeans were 12 to 16 1/2 cents in the black and near the day’s high. Traders were actively rolling out of March into May. Preliminary open interest for all soybean contracts was up only 1,280 lots. Soymeal futures also started the Wednesday session with weakness and closed up by as much as $7.50/ton in the front months. BO futures near the intraday highs with 9 to 16 point gains. Trade estimates for US soybean bookings from the week ending 1/28 are 300,000 to 750,000 MT. New crop sales are estimated between 350k and 1.5 MMT. For soymeal, traders expect USDA to report 100,000 to 350,000 MT sold. Soy oil sales are estimated between 8k and 30k MT. Stats Canada will issue their December 31 canola stocks estimate on Friday morning. The average trade guess is centered around 12.3 MMT.
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