Soybean prices have recorded gains of 1 to 4 cents as of Tuesday. The cmdtyView national average cash bean price increased by 2.25 cents to $9.90 1/2. Notably, China has purchased 10 cargoes of U.S. soybeans for March to May shipments, including a confirmed private export sale of 336,000 MT announced by the USDA.
Current soybean export commitments stand at 27.698 million metric tons (MMT), declining 31% year-over-year and reaching only 51% of the USDA’s projection. Furthermore, data from the Commodity Futures Trading Commission (CFTC) indicates a reduction of 25,841 contracts from trader net long positions in soybean futures and options, leaving the net long at 84,562 contracts. EU soybean imports also reflect a downturn, totaling 6.46 MMT from July 1 through January 4, down 0.88 MMT compared to the previous year.
