Soybeans Extending Monday’s Gains to Start Tuesday Trade

Core Insights - Soybean futures are experiencing gains, with nearby contracts up by 4 to 5 cents and closing up 15 to 18 cents as traders return from holiday markets [1] - China has purchased 10 cargoes of US soybeans for shipment between March and May [2] - Export inspections show soybean shipments at 980,518 MT for the week ending on New Year's Day, a 24.3% increase from the previous week but a 26.7% decrease year-over-year [3] - Export sales for the week ending December 25 were reported at 1.178 MMT, exceeding previous week figures and more than double the same week last year [4] - Speculative traders have reduced their net long positions in soybean futures by 25,841 contracts, bringing the total to 84,562 contracts [5] Group 1: Market Performance - Soybean futures are up, with January 26 closing at $10.47 1/4, March 26 at $10.62, and May 26 at $10.74 1/4, all showing increases [5] - The national average cash bean price rose by 17 1/4 cents to $9.87 1/4 [1] Group 2: Export Activity - China remains the top destination for soybean exports, receiving 397,069 MT, followed by Egypt with 182,553 MT and Taiwan with 74,996 MT [3] - Marketing year shipments have totaled 16.4 MMT, reflecting a 45.3% year-over-year decline [3] Group 3: Speculative Trading - CFTC data indicates a reduction in net long positions among spec traders, suggesting a shift in market sentiment [5]