Export Sales data released this morning showed soybean sales of 2.45 million metric tons in the week ending January 15, the highest level of the current marketing year. This was 18.6% higher than the previous week and 63.97% larger than the same week last year. China was the largest buyer with purchases of 1.304 million metric tons. In addition, 338,300 metric tons were sold to unknown destinations and 218,300 metric tons to Egypt.

Soybean meal sales during the week totaled 412,671 metric tons, coming in near the upper end of the estimated range of 200,000 to 500,000 metric tons. Soybean oil sales were reported at 10,499 metric tons, which was in the lower half of the estimated range of 5,000 to 25,000 metric tons.

According to CFTC data, speculators trimmed 2,901 contracts from their net long position in soybean futures and options by Tuesday, bringing the total net long position down to 10,060 contracts.