Soybeans surged in the front months, showing double-digit gains of 8 to 12 cents on Wednesday. The previous day, contracts closed down 4 to 5 ¾ cents, with preliminary open interest up by 3,147 contracts. Cash bean prices averaged at $9.82 3/4, 5 1/2 cents lower. Soymeal futures rose by 70 cents to $1.60, while Soy Oil futures were 4 to 10 points lower.

Export Inspections reported 1.34 MMT (49.1 mbu) of soybeans shipped in the week of 1/15, a 16.1% decrease from the previous week but 35.1% higher than last year. China received 611,983 MT, with shipments to Germany and Mexico as well. Total soybean shipments for the marketing year are now 19.335 MMT, a 40.2% drop from last year.

US Trade Rep Greer hinted at a potential meeting with Chinese counterparts before April, leading up to President Trump’s expected meeting with President Xi. ANEC predicts Brazilian soybean exports for January to be 3.79 MMT, up 0.06 MMT from the previous estimate. Soybean futures closed at $10.53, down 4 3/4 cents but currently up by 12 cents. Nearby cash was at $9.82 3/4, down 5 1/2 cents. Soybean futures for May closed at $10.64, down 4 3/4 cents, while July futures closed at $10.76 1/4, down 5 cents but currently up 8 1/2 cents.

Read more at Yahoo Finance: Soybeans Rallying Early on Wednesday