The USDA export sales report will be released on Friday due to the Martin Luther King holiday.
March soybeans lost 14.75 cents on volume of 157,861 contracts. Volume declined approximately 28,000 contracts from January 22 when soybeans advanced 22.50 cents and open interest increased by 7,882 contracts. On January 23, open interest increased by 3,319 contracts, which in relation to volume is approximately 5% below average. It would have been positive had open interest declined, especially after the open interest build the previous day. The market continues to trade in a sideways pattern, and the next issue that could propel the market higher may be the logistical problems of moving soybeans from the interior of Brazil to ports to meet their export commitments. Soybeans remain on a short and intermediate term sell signal. Stand aside.