Soybean futures rallied on January 5, 2024, closing up 15 to 18 cents, with January soybeans at $10.47 1/4. There were 401 deliveries against January soybeans and 20 deliveries issued for January soybean meal. The cmdtyView national average cash bean price rose by 17 1/4 cents to $9.87 1/4.
Export Inspections data for the week ending January 1 revealed shipments of 980,518 MT, a 24.3% increase from the prior week but a 26.7% decrease year-over-year. Key destinations included China at 397,069 MT, followed by Egypt with 182,553 MT, and Taiwan at 74,996 MT. Year-to-date shipments totaled 16.4 MMT, reflecting a 45.3% decline compared to last year.
In related sales, soybean sales for the week ending December 25 were recorded at 1.178 MMT, exceeding expectations and more than double the same week last year. Meal sales stood at 110,642 MT, below estimates, while bean oil sales totaled 6,238 MT. CFTC data indicated a reduction of 25,841 contracts from the net long position in soybean futures, leaving it at 84,562 contracts.
