Soybeans Popping Higher on Tuesday Morning with Bean Oil leading the Charge

Market Overview - Soybeans are experiencing gains of 7 to 9 cents in early trading, following a weaker trading session on Monday where contracts closed 4 to 5 cents lower [1] - The national average cash bean price decreased by 1.75 cents to $9.96 3/4, while soymeal futures increased by 20 to 90 cents, and soy oil futures fell by 30 to 37 points [1] Export Data - USDA's FGIS reported soybean export shipments at 1.31 million metric tons (MMT) for the week ending January 29, which is 1.9% lower than the previous week but 14.9% higher than the same week last year [2] - China was the leading destination for U.S. soybeans, importing 740,004 MT, followed by Mexico with 137,596 MT and Egypt with 121,059 MT [2] - Cumulative exports for the marketing year 2025/26 are at 21.99 MMT, representing a 35.7% decrease compared to the same period last year, although the gap has narrowed by nearly 10 percentage points since early January [2] Crushing and Production Estimates - The USDA's monthly Fats & Oils report indicated that 229.84 million bushels of soybeans were crushed in December, which is 4.24% higher than November and 5.59% larger year-over-year [4] - Total soybean crush since September has reached 891.58 million bushels, up 7.43% from the same period last year [4] - StoneX has revised its estimate for the Brazilian soybean crop to 181.6 MMT, an increase of 4 MMT from previous projections, while Celeres has also raised its forecast by 4.1 MMT to 181.3 MMT [4] Price Movements - As of March 26, soybeans closed at $10.60 1/4, down 4 cents, with nearby cash prices at $9.96 3/4, down 1.75 cents [5] - May 26 soybeans closed at $10.72 1/2, down 4.5 cents, and July 26 soybeans closed at $10.85 3/4, down 4.75 cents [5]