Soybean Prices closed 9 1/4 cents higher on Thursday despite reports of adequate rainfall in South American growing areas. Export sales were slightly below expectations. 466 mt of old crop and 5 mt of new crop. The Buenos Aires Grain Exchange lowered their bean production estimates to 46.2 mmt compared to their Jan estimate of 50.5 mmt and last year at 49.2. Volume on Thursday was low. Soybeans traded only 125,678, Meal 52,846 and Oil 75,254. Funds were net buyers of an estimated 5,000 Soybeans, 3,000 Oil and 1,500 Meal.

Opening call mixed. Drier weather is expected today through the Weekend in Argentina followed by a significant rain event. Forecasts for significant rains Wednesday and Thursday of .50 to 2.00 are expected. Harvest has begun in some areas of Brazil however wet conditions there are slowing the harvest progress there. Demand for Soybeans has waned somewhat yesterday the USDA reported YTD sales at 956 mil bu vs. 1.372 last year. This is 30% below last year and the USDA is forecasting a 15% drop. Overnight markets are supportive. $USD is trading 22 lower, Crude .40 higher and equities slightly lower.

Opening Call Soybeans 1-2 hither, Meal .50 to $1.00 lower, Oil .5 to .10 lower.

Top News -- Cash traders say next week Vietnamese feed makers will return to the market looking for up to 300,000 mt of Latam soymeal for the March-April delivery period. And could also be looking for up to 150k mt of Aussie feed wheat -- Cash traders say 180,000 mt of Brazil origin soymeal was purchased by Thai feed mills this week for delivery between July and Sept -- Data from India's farm ministry shows as of Friday oilseed plantings fell to 8.43 mln ha from the previous period's 9.31 mln ha -- Buenos Aires Grain Exchange updated corn/soy production estimates, seeing 11/12 corn production at 22.0 mln mt and soybeans at 46.2 mmt -- Buenos Aires Grain Exchange report estimates Soybean planting this week at 96.3% complete up from last week's 91.7% complete. They say 18.16 mln ha have been planted out of the 18.85 mln ha expected to be planted -- Buenos Aires Grain Exchange weekly report pegs Sunseed harvest at 21% complete, with 382,463 ha collected out of the 1.84 mln ha expected to be harvested -- Buenos Aires Grain Exchange weekly report pegs Corn at 95.0% complete (3.514 mln ha have been planted so far) up from last week's 91.4% complete. Total Corn acreage is seen at 3.70 mln ha. -- In Brazil Rio Grande do Sul agency, Emater, puts soybean crop estimate at 8 mln mt down 750,000 mt from their prior estimate -- Emater agency in Brazil puts Rio Grande do Sul corn crop estimate at 3 mln mt down 300,000 mt from their prior estimate -- USDA announced Thursday that begin Feb 13th at 11:00 am CT, it'll kick off releasing a new 10 yr ag projection report from the chief economist office. Projections cover crop and livestock commodities, agricultural trade and aggregate indicators, such as farm income and food prices through 2021. USDA says the long term projections will not represent a USDA forecast, but a conditional, long-run scenario based on specific assumptions about farm policy, weather, the economy and international developments. -- As reported in yesteday's USDA Export Sales report, new 11/12 export sales in soybeans amounted to 17.1 million bushels, and 43.5 million bushels were shipped this week -- As reported in yesteday 289 million bushels of soybean export sales are open for the 11/12 crop year, and 667 mil bu have been shipped so far this year; this compares to 462 mln bu open and 910 mln bu shipped this week last year, acc. to USDA -- Pending Tender: Cash merchandisers say the state run trading corp of Bangladesh is seeking 4,000 mt of Soyoil in a Jan 19th tender deadline -- Dalian commodity markets on holiday -- In Malaysia Apr. Palm Oil futures were up + 4 @ 3,135 ringgit/mt., range on the day was 3,146 to 3,123 -- In Malaysia Crude Palm Oil cash markets had no trades bid 3,130 offered 3,150 ringgit. -- In Malaysia Feb. delivery of Palm Olein was quoted @ 1,066.25 ringgit/mt., Feb. Palm Oil was quoted offered @ 1,050.00 ringgit/mt. -- CBOT Soybean Volume & Open Interest for January 26th 2012 was 125,678; Open Interest increased 1,552 to 478,966. -- CBOT Soybean Oil Volume & Open Interest for January 26th 2012 was 75,254; Open Interest decreased -3,560 to 312,530. -- CBOT Soybean Meal Volume & Open Interest for January 26th 2012 was 52,846; Open Interest increased +357 to 202,538. -- Outside markets. Crude Oil up 44c @ $100.14; Gold off -$4.10 @ $1722.60 ; Silver off -20c @ $33.54; US $ index off -22 pts @ 79.29

Cash Markets Bean Barge Corn Barge SRW Barge HRW Track Ill Riv Frt Jan +71/77 H +88/95 H +73/77 H 450 Feb +68/72 H +72/76 H +75/80 H +110/115 H 415 Mch +65/70 H +64/66 +75/82 H +107/115 H 400

Truck Beans Corn Wheat Meal Hi-pro Oil Chicago +0 H +15 H +0 H
Toledo -18 H +6 H +23 H
Dec ILL +8 H +28 H -12 H +50 H