Soybean futures gained 2 to 3 cents on Tuesday morning, rebounding after losses of 5 to 6 cents on Monday. The cmdtyView national average cash bean price decreased by 5.5 cents to $9.92 1/4. Open interest rose by 4,726 contracts, indicating new selling interest, while soymeal futures fell by $2.00 to $5.60.
For the week ending January 22, export inspections reported soybean shipments at 1.324 MMT (48.7 mbu), a 1.54% decrease from the previous week but an increase of 79.45% year-over-year. Brazil’s soybean crop is currently 4.9% harvested, up from 2.9% last year, with a total crop estimate raised by 0.6 MMT to 181 MMT.
Marketing year soybean sales totaled 33.035 MMT, 22% lower than the same week last year, while the USDA projects a 15% decline. China was the primary destination for soybean exports, receiving 897,459 MT.
