Soybeans Trying to Bounce on Turnaround Tuesday

Market Overview - Soybeans are currently trading with gains of 3 to 4 cents after experiencing losses of 9 to 10 cents in the front months on the previous day [1] - Open interest decreased by 15,996 contracts on Monday, primarily in January contracts which saw a drop of 32,102 contracts ahead of First Notice day [1] - The national average cash bean price is reported at $9.80 3/4, down 8 cents from the previous day [1] Futures Performance - Soymeal futures declined by $2.50 to $4.90 per ton [1] - Soy oil futures increased by 6 to 10 points, supported by a rise in crude oil prices [1] - January 26 soybeans closed at $10.49 1/2, down 9 1/4 cents, while nearby cash was at $9.80 3/4, down 8 cents [4] Export Activity - The USDA reported a private export sale of 100,000 MT of soybeans to Egypt on Monday [2] - The Export Inspections report indicated that 750,312 MT of soybeans were shipped in the week of December 25, which is 19.3% lower than the previous week and 54.4% lower than the same week last year [3] - China was the largest destination for soybean exports with 135,417 MT, followed by Egypt with 127,017 MT and Vietnam with 89,227 MT [3] - The total marketing year shipments of soybeans now stand at 15.396 MMT, which is 46.3% below the same period last year [3] Geopolitical Factors - Increased military drills by China around Taiwan are contributing to heightened political tensions between the US and China, which may impact market sentiment [4]