Friday is first notice day for deliveries on the January and the combination of a strong difference or carry between January and March and the firm cash markets should keep soy deliveries at modest levels, they said.
"Farmers aren't selling very many beans so the cash is holding up with some cash locations trading at an inverse (to futures)," an analyst said. "With that in mind and looking at the carry I wouldn't expect more than 400."
There is an abundant supply of soybeans which, on the surface, should lead to heavy deliveries but analysts said the soy remains in strong commercial hands, which should keep the delivery tally to a minimum.