CBOT soybeans firm on dryness in Argentina, U.S. stocks weigh

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CHICAGO, Feb 8 (Reuters) -U.S. soybean futures firmed on Wednesday after trading mixed most of the day, as traders weighed the impact of drought conditions on Argentina's soybean crop against higher-than-expected U.S. stockpiles reported by the U.S. agriculture department in its monthly supply and demand assessment.

* Benchmark Chicago Board of Trade March soybean futures SH3 added 4-1/2 cents to end at $15.19-3/4 a bushel.

* CBOT March soyoil BOH3 eased 0.31 cent to 60.58 cents per lb.

* CBOT March soymeal SMH3 added $0.50 to $481.90 a ton.

* Argentina's Rosario Grains exchange cut its forecast for the country's 2022/23 soybean harvest to 34.5 million tonnes from a previous forecast of 37 million tonnes, it said on Wednesday, amid a historic drought.

* The U.S. Department of Agriculture also trimmed its outlook on Argentine soybean production to 41 million tonnes, down from 45.5 million tonnes in its January estimate.

* The USDA pegged U.S. ending soybean stocks at 225 million bushels in the 2022/2023 marketing year, up 15 million bushels from last month due to slower crushing pace.

* Brazil's soybean exports could reach between 7.6 million tonnes and 9.6 million tonnes in February, versus 9.113 million tonnes the same month in 2022, according to export group ANEC.

Reporting by Christopher Walljasper in Chicago
Editing by Matthew Lewis


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