Soybeans are showing 1 to 4 cent gains so far on Tuesday. There were another 533 deliveries against January soybeans issued overnight. The cmdtyView national average Cash Bean price is 2 1/4 cents higher at $9.90 1/2. Soymeal futures are 50 cents to $1 higher, with Soy Oil futures down 10 to 15 points.
Reuters reported that China bought 10 cargoes of US soybeans this week for March to May shipments. USDA confirmed some of that, with a private export sale announcement of 336,000 MT to China this morning,
Export Sales data shows the total soybean commitments at 27.698 MMT, a 31% decline yr/yr. That is just 51% of USDA’s projection, and is behind the 52% average pace.
CFTC data from Monday indicated spec traders cutting another 25,841 contracts from their net long position in soybean futures and options in in the week ending on 12/30. That took the net long to 84,562 contracts.
EU soybean imports have totaled 6.46 MMT from July 1 through January 4, lagging last year by 0.88 MMT according to European Commission data.
Jan 26 Soybeans are at $10.51 1/4, up 4 cents,
Nearby Cash is at $9.90 1/2, up 2 1/4 cents,
Mar 26 Soybeans are at $10.63 3/4, up 1 3/4 cents,
May 26 Soybeans are at $10.75 3/4, up 1 1/2 cents,
