Soybeans are down 6 to 7 cents so far on Friday morning. Futures reverted from the early gains on Thursday with contracts closing 1 to 3 cents lower. Open interest was up 7,608 contracts on Thursday, with some exiting March (-5,634) and others seeing rising OI. The cmdtyView national average Cash Bean price is 2 3/4 cents lower at $10.05. Soymeal futures were $0.60 to $1.80 lower, with Soy Oil futures 21 to 28 points lower.
USDA released Export Sales data for the week ending on 1/22 on Thursday, with a total of 818,972 MT of soybean sold that week. That was just a third of the previous week’s sales, but still more than double the same week last year. China was the top buyer of 233,500 MT< with Egypt buying 171,000 MT, and 70,700 MT sold to Mexico.
