Soybean Bulls Getting Early Christmas Present on Wednesday

Market Overview - Soybeans are trading with gains of 10 to 12 cents across most contracts as the market prepares for the Thursday holiday [1] - The national average cash bean price is up 10 1/4 cents at $9.90 [1] - Soymeal futures have increased by $3 to $3.30, while soy oil futures are up by 60 to 66 points [1] - The markets will close early today, with the next opening on Friday at 8:30 am CST [1] Export Commitments - USDA has reported export sale commitments for soybeans at 25.778 million metric tons (MMT), which is a decrease of 33% compared to the same period last year as of December 11 [2] - This figure represents 58% of USDA's export projection and is lagging behind the 79% average pace [2] Crop Conditions - Commitment of Traders data indicates that managed money has reduced their net long position by 32,560 contracts, bringing the total to 147,778 contracts for the week ending December 16 [3] - Buenos Aires Grains Exchange data shows that 75.5% of the soybean crop has been planted, which is below the average pace [3] - Condition ratings for the soybean crop are at 67% good/excellent, which is 5 points higher than last year [3] Price Movements - January 26 soybeans are priced at $10.61 3/4, up 10 1/4 cents [3] - Nearby cash soybeans are at $9.90, also up 10 1/4 cents [3] - March 26 soybeans are at $10.75 1/4, up 11 1/2 cents, and May 26 soybeans are at $10.86 1/4, up 12 cents [3]