The soybean market posted a Turnaround Tuesday bounce of 5 to 8 cents ahead of Wednesday’s Christmas break. CmdtyView’s national front month Cash Bean price was up 5 3/4 cents at $9.24. Soymeal futures were up $3.40 to $4.20/ton. Soy Oil futures were down 21 to 39 points on the session. 

The markets will be closed on Wednesday, in observance of Christmas. The Thursday session will be a hard 8:30 am CST open. The weekly Export Sales report will be released on Friday due to the holiday.

Forecasts for the next week are calling for near normal rains in most of Brazil, with the Southern portion as well as Argentina seeing dryness creep in. The first week of January is seeing some extended dryness in Argentina.

Monday morning’s Export Inspections report showed a total of 1.747 MMT (64.2 mbu) of soybeans shipped in the week that ended on Thursday December 19. That was up 56.1% from the same week last year and up just 3% from last week. On the marketing year, shipments to all destinations are 26.998 MMT (992 mbu), which is a 21.1% increase from last year.

Jan 25 Soybeans  closed at $9.75 1/4, up 5 3/4 cents,

Nearby Cash  was $9.24, up 5 3/4 cents,

Mar 25 Soybeans  closed at $9.81 1/4, up 5 3/4 cents,

Jul 25 Soybeans  closed at $10.01 1/4, up 7 1/2 cents,