The soybean market is posting 13 to 23 cent gains so far on Tuesday, with South American weather and easing trade talk providing support. CmdtyView’s national front month Cash Bean price is up 22 ¼ cents at $9.96. Soymeal futures are $11.70/ton higher on the session. Soy Oil futures are back down 20 points on the session. Continued dryness is expected to come back to parts of Argentina in the 8-14 day period, with the next 7 days seeing spotty totals.

USDA’s Export Inspections report indicated 973,145 MT (35.76 mbu) of soybeans shipped in the week of January 16. That was down 17.9% from the same week last year and a drop of 28.3% from last week. China was the largest destination of 494,617 MT, with 90,784 T to Mexico. Marketing year to date sales have totaled 32.298 MMT (1.187 bbu), which is still 20.6% above the same period last year.

On Monday, President Trump signaled a less aggressive approach to tariffs and has delayed implementation to review current trade agreements and policies with China, Canada, and Mexico.

CFTC Commitment of Traders data indicated spec traders in soybean futures and options flipping to a net long of 34,833 contracts as of January 14. That was a move of 63,445 contracts in that week and the first net long in over a year. Commercials were at a net short of 120,158 contracts, an increase of 66,450 contracts from the week prior. 

AgRural estimates the Brazilian soybean crop at 1.7% harvested by last Thursday. Abiove estimates the Brazilian soybean crop at 171.7 MMT, up from their previous 168.7 MMT.

Mar 25 Soybeans  are at $10.56 1/2, up 22 1/2 cents,

Nearby Cash  is at $9.96, up 22 1/4 cents,

May 25 Soybeans  are at $10.66 3/4, up 22 cents,

Nov 25 Soybeans  are at $10.42 1/4, up 14 1/2 cents,

New Crop Cash  is at $9.76 3/4, up 13 3/4 cents,