Soybeans Popping Back Higher on Wednesday AM Trade

Core Insights - Soybean futures are experiencing gains of 5 to 8 cents on Wednesday, following a previous decline of 9 to 10.25 cents on Tuesday [1] - The USDA reported a private export sale of 168,000 MT of soybeans to China and 152,404 MT to Mexico [2] - NOPA data is expected to show a total of 224.8 million bushels of soybeans crushed in December [3] - Brazilian soybean exports for January are estimated at 3.73 MMT, an increase of 1.33 MMT from prior estimates [3] - Chinese soybean imports in December reached 8.04 MMT, reflecting a 1.3% increase year-over-year [3] Market Performance - January soybean futures closed at $10.23.25, down 9.75 cents, but are currently up 4 cents [3] - Nearby cash prices for soybeans are at $9.66.25, down 10.25 cents [3] - March soybean futures closed at $10.38.75, down 10.25 cents, currently up 8 cents [3] - May soybean futures closed at $10.52, down 9.75 cents, currently up 7.5 cents [3] Open Interest and Deliveries - Open interest for soybeans increased by 8,255 contracts on Tuesday [1] - There were 47 deliveries issued against soybeans overnight, including 7 for January bean oil [1]