Soybeans are starting Wednesday with gains of 10 to 12 cents. Futures reverted lower from the midday gains, as contracts were down 5 to 7 cents at the close. Preliminary open interest was up just 1,647 contracts on Tuesday. The cmdtyView national average Cash Bean price was 5 cents lower at $9.82 1/4. Soymeal futures were 20 cents to $1.30 higher at the close, with Soy Oil futures down 38 to 47 points. There were 88 deliveries issued against January soybeans overnight, with 78 issued for bean oil.
Reuters reported that China bought 10 cargoes of US soybeans this week for March to May shipments. USDA confirmed some of that on Tuesday morning, with a 336,000 MT private export sale to China. USDA also corrected to the December 30 flash sale of 231,000 MT for unknown to 136,000 MT to China and 206,700 MT to unknown destinations.
