CBOT soybeans up with solid crush data

SOYBEAN futures at the Chicago Board of Trade were stronger on Tuesday, underpinned by solid monthly crush data as trade resumed after the Presidents Day long weekend.

• Members of the National Oilseed Processors Association (NOPA) crushed 221.564 million bushels of soybeans in the United States in January, which was a record for the month and up 10.6 per cent from the same month a year ago. However, the soybean crush was still down 1.5 per cent from December, as adverse weather disrupted some operations.
• Optimism over increased sales to China underpinned values, although the Lunar New Year holiday was limiting business.
• Weekly U.S. corn export shipments were up 5.0 per cent on the week at 1.2 million tonnes, with China accounting for roughly half of the total.

WHEAT futures saw follow-through selling after Friday’s retreat from nearby highs amid ideas the gains earlier last week were overdone.

• Relatively favourable weather conditions for the U.S. winter wheat crop and rising production estimates out of Russia contributed to the declines.
• Analysts SovEcon raised their call on Russian wheat production by 2.1 million tonnes from an earlier estimate to 85.9 million tonnes.
• Weekly U.S. wheat export inspections were down 35 per cent on the week at 375,402 tonnes.

CORN futures were down in sympathy with wheat, lacking any fresh supportive news.

• Weekly U.S. wheat export shipments came in at just under 1.5 million tonnes, down 7.3 per cent on the week.