Soybeans Rallying on Wednesday Morning

Soybeans price action is up 7 to 10 cents so far on Wednesday morning. Futures closed Tuesday with contracts 5 to 6 cents higher in the nearbys. Open interest showed net new buying, up 5,541 contracts. The cmdtyView national average Cash Bean price was 6 1/4 cents higher at $9.99 1/2. Soymeal futures were down 30 cents to 60 cents higher, with Soy Oil futures 41 to 53 points higher. Brazil soybean exports in January are estimated at 3.23 MMT, according to ANEC, down 0.56 MMT from last week’s estimate. Th ...