Just checked the soybean futures and they're pulling back pretty hard this morning. Contracts are down 3-4 points, and the cash bean price dropped another 4 cents to $10.64 1/2. Soymeal's getting hit too, down a couple bucks in the front months. The one bright spot is soy oil, which is actually up - there's chatter about EPA sending over the 2026 biofuel blending quotas to the White House soon, so that's giving it some support. With the USDA Ag Outlook Forum coming Thursday, traders are already positioning for what they think the chief economist will say on soybean stocks and acreage. Word is they might peg it at 85 million acres, which would be a pretty solid jump from last year if it happens. Production estimates are sitting around 4.43 bbu, up significantly from 2025 totals. Over in Brazil, ANEC is looking at around 11.46 MMT of soybean exports for February - down a bit week-over-week but still well ahead of last year's pace. Mar contracts at $11.30 (down 4), May at $11.45 1/4 (down 3 1/2), Jul at $11.58 (down 3 3/4). Watching to see if we get any bounce into the Thursday report or if soybean stocks concerns keep the pressure on.

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