USDA reported a private export sale of 108,000 MT of soybeans to Egypt this morning. Export Sales data for the week ending February 5 showed total soybean sales of 281,798 MT. That was down from the previous week and marked a marketing-year low, but still 141.16% above the same week last year. China purchased 286,100 MT, including 201,000 MT switched from unknown destinations, while Egypt bought 167,000 MT.

Soybean meal sales totaled 356,990 MT, within trade estimates of 200,000–450,000 MT. Soybean oil sales were 2,093 MT, within the expected range of net reductions of 10,000 MT to sales of 16,000 MT.

According to CONAB, Brazil’s soybean crop estimate was raised by 1.86 MMT to 177.98 MMT. The Buenos Aires Grains Exchange maintained Argentina’s soybean production estimate at 48.5 MMT. Crop ratings were reported at 32% good/excellent, down 8% from the prior week.