Soybean futures fell 1 to 2 cents on Tuesday, with January contracts closing at $10.51 1/2. The cmdtyView national average cash bean price also decreased by 3 cents to $9.80 3/4. Notably, soybean export sales for the week ending December 11 hit a marketing year high of 2.396 million metric tons (MMT), 68.3% larger than the same week last year, with China purchasing 1.38 MMT.
Managed money reduced its net long position by 32,560 contracts to 147,778 contracts during the week ending December 16. Soymeal futures increased by $1.10 to $2.50, while soy oil futures dropped by 25 to 39 points.
Additionally, soy meal sales exceeded estimates at 616,453 metric tons, while bean oil sales were lower than expected, totaling 8,660 metric tons against a range of 5,000-24,000 metric tons.
