After a back and forth session the soybean futures ended Wednesday in the black. Gains were 2 ¾ to 5 ¼ cents across the front months, though May traded from -6 ¾ to +10 ¾ cents on the day. November prices are at a net 1 cent gain for the week so far. Soymeal futures ended the day off the session highs, but still $2.50 to $3.50 in the black. Wednesday’s Soy oil futures settled 25 to 36 points lower. 

Weekly soybean export sales are expected to be between 100k MT and 600k MT for the week that ended 2/22. Meal bookings are expected to be below 550k MT going into the FAS data release. Traders aren’t looking for more than 100k MT of soy oil sales for the week. 

StatsCan data showed 973k MT of canola processing for January. That was up by 7% from last year, with the season’s total running 12.7% ahead of last year’s pace. 

Traders are looking for the Jan soy crush to come in at 196.6 mbu in the Friday Fats and Oils report. Soy oil stocks are figured to be 8% larger for the month at 1.982 billion pounds. 

Brazil’s soybean harvest was marked at 40% complete by consulting firm AgRural, that was up from 33% at the same point last year.  

Mar 24 Soybeans  closed at $11.34, up 2 3/4 cents,

Nearby Cash   was $10.85, up 3 3/4 cents,

May 24 Soybeans  closed at $11.45 1/4, up 4 1/2 cents,

Jul 24 Soybeans  closed at $11.55 3/4, up 4 1/4 cents,