Soybean futures saw gains of 9-10 1/4 cents on Tuesday amid short covering ahead of the wend of the year. January soy meal was up $2.40/ton, as nearby bean oil was 46 points higher. Export inspections of US soybeans for the week that ended 12/21 came in at 1.283 MMT. That dropped 28.43% from last week and is 25.42% lower than this time last year. Chinese imports of soybeans totaled 8.684 MMT during November, which is 10.83% larger than November 2016. Imports from the US picked up to 4.662 MMT, which still lags a year ago by 17.01%, while imports from Brazil came in at 2.76 MMT, well above last year.

Jan 18 Soybeans closed at $9.59 1/4, up 9 3/4 cents,

Mar 18 Soybeans closed at $9.70 1/2, up 10 1/4 cents,

May 18 Soybeans closed at $9.81 1/2, up 10 1/4 cents,

Aug 18 Soybeans closed at $9.94, up 10 cents,

Jan 18 Soybean Meal closed at $315.20, up $2.40,

Jan 18 Soybean Oil closed at $33.20, up $0.46

Market Commentary provided by:

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