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Soybean futures ended the Tuesday session with gains of 5 to 7 3/4 cents most front months. Meal futures were up $5.80/ton, with nearby soy oil down 34 points. The USDA reported 1.231 MMT in soybean export inspections during the week of Jan 11. That was a 1.51% increase from the week before but still lags last year for this time by 13.46%. Full 17/18 shipments are now 14.09% (185.8 mbu) behind the same time last year. This morning’s monthly NOPA report indicated that a record amount of 166.382 mbu of soybeans was crushed by their members during December, nearly 1 mbu larger than expectations. That was a 3.87% jump over December 2016 and 1.73% larger than November. With the large production, stocks of soy oil also grew nearly 16% from November to 1.538 billion pounds.Mar 18 Soybeans closed at $9.68, up 7 1/2 cents,May 18 Soybeans closed at $9.79 1/2, up 7 1/2 cents,Jul 18 Soybeans closed at $9.89, up 7 3/4 cents,Sep 18 Soybeans closed at $9.89 1/2, up 7 cents,Mar 18 Soybean Meal closed at $322.80, up $5.80,Mar 18 Soybean Oil closed at $32.79, down $0.34
Wheat futures settled the day with most CBT and KC contracts 2 to 4 1/4 cents lower. MPLS was down in the nearby contract but higher in the back months. Export inspections of wheat for the week that ended Jan 11 totaled 368,651 MT. That was a 56.73% improvement over the previous week but still 4.38% behind same week in 2017. Exports so far in the 17/18 MY are at 15.136 MMT, down 6.5% from the same time in the 16/17 MY. Japan is seeking 24,160 MT of US wheat in their weekly MOA tender, with a total of 91,733 MT sought from Australia, Canada, and the US. Egypt’s GASC purchased 295,000 MT of Russian wheat on Tuesday following Monday’s tender.Mar 18 CBOT Wheat closed at $4.16 1/2, down 4 cents,Mar 18 KCBT Wheat closed at $4.22, down 4 1/4 cents,Mar 18 MGEX Wheat closed at $6.11 1/2, down 1 1/4 cents
Corn futures bounced back from Friday’s bearish USDA reports to close Tuesday with gains of 2 cents in most nearby contracts. The weekly Export Inspections report indicated just 584,389 MT of corn was shipped during the week of Jan 11. That is a drop of 31.28% from the week prior and 35.85% below the same time in 2018. For the 17/18 marketing year, inspections are just 63.77% of the total for the same time in the previous year. Friday’s NASS Crop Production report showed corn yield increases over 2016 in most states along the Corn Belt, with exception to the Dakotas, KS, IA and WI. The weekly EIA report will be delayed until Thursday, due to Monday’s holiday.Mar 18 Corn closed at $3.48 1/4, up 2 cents,May 18 Corn closed at $3.56 3/4, up 2 cents,Jul 18 Corn closed at $3.65, up 2 1/4 centsSep 18 Corn closed at $3.72 3/4, up 2 cents