Soybeans Popping Higher as NOPA Shows Better than Expected Crush

Core Insights - Soybean prices are experiencing a slight increase, with contracts up 2 to 3 ¼ cents at midday, and the national average cash bean price rising to $10.71 3/4 [1] - NOPA data indicates that soybean crushing in January reached 221.56 million bushels, which is 10.57% higher than last year but down 1.52% from the previous month [1] - Soybean oil stocks have increased significantly, rising 15.6% from last month and 49.07% compared to last year [1] Export Data - Export inspections reported soybean shipments of 1.203 million metric tons (44.2 million bushels) for the week ending February 12, marking a 5.01% increase from the previous week and a 65.3% rise year-over-year [2] - China remains the largest destination for soybean exports, receiving 684,069 metric tons, followed by Egypt with 223,890 metric tons and Colombia with 81,455 metric tons [2] - Cumulative marketing year shipments have reached 24.35 million metric tons (894.7 million bushels), reflecting a year-over-year increase of 32.4% [2] Market Positioning - CFTC data shows that managed money has increased its net long position by 94,316 contracts, bringing the total to 123,148 contracts as of February 10 [3] - The Brazilian soybean crop is currently estimated to be 21% harvested, a decrease from the 24% harvest pace recorded in 2025 [3] - Current soybean prices for various contracts are as follows: March 26 at $11.36 1/4, Nearby Cash at $10.71 3/4, May 26 at $11.50 3/4, and July 26 at $11.63 [3]