Soybeans Pull Off Early Lows to Close with Gains

Group 1 - Soybeans showed initial weakness but ended the day with gains of 6 to 7 ¼ cents for the front month [1] - The national average Cash Bean price increased by 6 ¾ cents to $10.60, while Soymeal futures rose by $5.10 to $5.30 [1] - Soy Oil futures experienced a decline of 51 to 53 points [1] Group 2 - Crop Production data is anticipated to be released, with a Reuters survey predicting a soybean yield drop of 0.4 bushels per acre (bpa) to 53.1 bpa and a total output decrease of 35 million bushels (mbu) to 4.266 billion bushels (bbu) [2] - Ending stocks are expected to rise to 304 mbu, compared to 300 mbu reported in September [2] Group 3 - The market is assessing export demand, with no recent Export Sales reports and China yet to confirm the 12 million metric tons (MMT) in commitments announced in late October [3] - November 25 Soybeans closed at $11.20 ½, up 7 ¼ cents, while Nearby Cash was at $10.60 1/1, up 6 ¾ cents [3] - January 26 Soybeans closed at $11.33 ¾, up 6 ½ cents, and March 26 Soybeans closed at $11.44, up 6 cents [3]