Soybeans Resume Strength on Tuesday

Core Insights - Soybean contracts closed higher, with prices increasing by 11 to 13 cents in the front months, and the national average cash bean price rose to $10.56 1/4 [1] - Soymeal futures increased by $2.10 to $3.20, while soy oil futures were up by 50 to 58 points [1] - The average close for November futures in February was $10.91, which serves as the base spring price for crop insurance [1] Supply and Demand Data - The WASDE report indicated no changes to the US ending stocks projection, maintaining it at 350 million bushels [2] - Brazil's soybean production was raised by 2 million metric tons (MMT) to 180 MMT, while Argentina's estimate remained at 48.5 MMT [3] - The world ending stocks number was increased by 1.10 MMT to 125.51 MMT [3] Export Estimates - ANEC estimates Brazilian soybean exports for February at 11.71 MMT, an increase of 0.29 MMT from the previous day [3]