Soybeans

Soybean futures are mostly 1 to 3 cents higher this morning. They finished Monday with sharp gains of 16 to 19 cents. The trucker strike in Argentina was lifted over the weekend, allowing shipments to resume. That was ignored because Meal futures were up $14.00/ton, with nearby soy oil down 11 points. Preliminary open interest showed a modest rise of 2,345 contracts, with short covering in the March and some light new buying in the back. There were 1.319 MMT in soybeans inspected for export during the week that ended 2/8. That is 1.16% larger than a year ago and 14.55% larger than last year. Export commitments for soybeans through last Thursday’s report are 77.45% of the new USDA projection. That is compared to the average for that week of 90% and 87% last year.




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