Soybeans are posting 5 to 8 cent gains so far on Wednesday. Futures closed out Tuesday with losses of 9 to 10 ¼ cent in the front months to follow up the Monday pullback. January expires today. Open interest on Tuesday was up 8,255 contracts. The cmdtyView national average Cash Bean price was 10 1/4 cents lower at $9.66 1/4. Soymeal futures were a pressure factor, down $4.50 to $8.20, as Soy Oil futures are up 80 to 96 points. There were 47 deliveries issued against soybeans overnight, with 7 for January bean oil.
USDA reported a private export sale of 168,000 MT of soybeans to China on Tuesday morning, with 152,404 MT reported as sold to Mexico.
NOPA data will be out on Thursday, with traders looking for a total of 224.8 million bushels of soybeans crushed in December.
January exports out of Brazil are estimated at 3.73 MMT according to ANEC, which was a 1.33 MMT increase from the previous estimate.
Chinese soybean imports in December were tallied at 8.04 MMT, an increase of 1.3% from the same month last year.
Jan 26 Soybeans closed at $10.23 1/4, down 9 3/4 cents, currently up 4 cents
Nearby Cash was $9.66 1/4, down 10 1/4 cents,
Mar 26 Soybeans closed at $10.38 3/4, down 10 1/4 cents, currently up 8 cents
May 26 Soybeans closed at $10.52, down 9 3/4 cents, currently up 7 1/2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
