Soybeans

Soybean futures are mostly steady to a penny lower this morning. They ended the Tuesday session with gains of 5 to 7 3/4 cents most front months. Meal futures were up $5.80/ton, with nearby soy oil down 34 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 the same week last year by 13.46%. Full 17/18 shipments are now 14.09% (185.8 mbu) behind the same time last year. The monthly NOPA report indicated that a record amount of 166.382 mbu of soybeans was crushed by their members during December, about 1 mbu larger than expectations. That was a 3.87% rise 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.




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