Soybean futures are mostly 4 cents higher on Tuesday. Meal futures are up $4.50/ton, with nearby soy oil down 42 points. The USDA reported 1.231 MMT in soybean export inspections during the week of Jan 11. That was a 1.51% increase from the week before but still lags last year for this time by 13.46%. Full 17/18 shipments are now 14.09% (185.8 mbu) behind the same time last year. This morning’s monthly NOPA report indicated that a record amount of 166.382 mbu of soybeans was crushed by their members during December, nearly 1 mbu larger than expectations. That was a 3.87% jump over December 2016 and 1.73% larger than November. With the large production, stocks of soy oil also grew nearly 16% from November to 1.538 billion pounds.

Mar 18 Soybeans are at $9.64 1/2, up 4 cents,

May 18 Soybeans are at $9.76, up 4 cents,

Jul 18 Soybeans are at $9.85 1/4, up 4 cents,

Aug 18 Soybeans are at $9.87 3/4, up 4 cents,

Mar 18 Soybean Meal is at $321.50, up $4.50

Mar 18 Soybean Oil is at $32.71, down $0.42

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