The soybean market closed with nearby gains of 2 to 3 cents and new crop months 5 to 7 cents higher. The national front month Cash Bean price from cmdtyView was 2 1/2 cents higher at $9.77 1/4. Soymeal futures were down $2.30/ton on the day, with Soy Oil futures back up 121 points on the session. Strength in crude oil helped.

Export Inspections data from FGIS showed a total of just 720,332 MT (26.47 mbu) in soybean shipments during the week that ended on 2/13. That was a decline of 44.2% from last year and the lowest for this week in the marketing year since 2005. China was the largest destination of 208,564 MT, with 119,099 MT headed to Egypt, and 95,601 MT to Mexico. Marketing year to date exports have totaled 36.01 MMT (1.323 bbu), which is 12.3% above the same week last year.

This morning’s NOPA report from showed a total of 200.38 mbu of soybeans crushed in January by members, coming in below trade estimates of 204.54 MMT. That was a 3.01% drop from the December total, but was still 7.86% larger than the same month last year. Soy oil stocks were tallied at 1.27 billion lbs, slightly below estimates and still 15.5% below the same month last year. 

Brazil’s soybean crop was estimated at 23% planted as of last Thursday, lagging the 32% harvest pace from last year. ANEC estimates the Brazilian soybean exports will total 9.72 MMT in February, down from their previous 10.1 MMT estimate.

Mar 25 Soybeans  closed at $10.38 1/2, up 2 1/2 cents,

Nearby Cash  was $9.77 1/4, up 2 1/2 cents,

May 25 Soybeans  closed at $10.55 1/2, up 2 3/4 cents,

Nov 25 Soybeans  closed at $10.58, up 6 cents,

New Crop Cash  was $9.94 1/1, up 6 1/4 cents,