Soybeans are up 5 to 7 cents on Christmas Eve, with futures slipping into the close on Tuesday. Open interest dropped by 9,511 contracts, especially in January. The national average Cash Bean price was $9.80 3/4. Soymeal futures gained $1.10 to $2.50, while Soy Oil futures fell 25 to 39 points. Markets will close early today and remain shut for Christmas on Thursday.

Commitment of Traders data from Tuesday showed managed money reducing their net long position by 32,560 contracts to 147,778 contracts in the week ending on 12/16.

USDA’s Export Sales data revealed soybean sales of 2.396 MMT in the week of December 11, the largest in over a year and 68.3% higher than the same week last year. China bought 1.38 MMT, with total sales to China at 6.2 MMT, including recent daily sales.

Soy meal sales surpassed trade estimates at 616,453 MT, with bean oil sales at 8,660 MT.

Jan 26 Soybeans closed at $10.51 1/2, down 1 3/4 cents. Nearby Cash was $9.80 3/4, down 3 cents. Mar 26 Soybeans closed at $10.63 3/4, down 1 1/4 cents. May 26 Soybeans closed at $10.74 1/4, down 1 1/4 cents.

Read more at Yahoo Finance: Soybeans Feeling Jolly Early on Christmas Eve