Soybean futures are up by as much as 7 cents in early Tuesday market action. Nearby soybean futures closed Monday with 6 to 11 cent gains. The March contract traded within a 16 ¼ cent range on the day, and closed just 1 ½ cents off the session high. Soy oil futures also rallied out of the weekend with gains of over 2.5% in the front months. Some sources cited progress toward opening a large renewal diesel processing refinery in California as a reason for BO strength, along with higher crude oil. Front month Soymeal futures closed Monday with $0.40 to $0.70 losses. The March contract ended off the session low, but had set a new low for the move at levels not seen since July ’22. 

Weekly Inspections data from USDA’s FGIS had 1.16 MMT (42.7 mbu) of soybean exports during the week that ended 1/18. That was a 117k MT drop from last week’s volume and was 37% below the same week last year. Accumulated bean shipments were totaled at 26.751 MMT (982.9 mbu), compared to 34.3 MMT (1.26 bbu) last year. Friday’s FAS data had 12.16 MMT (447 mbu) of unshipped bean sales on the books as of 1/11. 

Safras and Mercado updated Brazil’s soybean harvest to 5.1% complete as of 1/19. That compares to 1.7% at the same time last year. AgRural estimated harvest at 6% complete as of 1/18. 

 

Mar 24 Soybeans  closed at $12.24 1/4, up 11 cents, currently up 6 1/2 cents

Nearby Cash   was $11.68, up 11 cents,

May 24 Soybeans  closed at $12.33, up 10 cents, currently up 5 1/4 cents

Jul 24 Soybeans  closed at $12.41 1/4, up 9 1/4 cents, currently up 5 cents


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