Soybean Meal Futures Market News and Commentary
Soybean futures closed 19 3/4 to 23 cents higher on Friday. For the Jan contract, that left soybeans a net 6 1/2 cents higher than Monday’s open and 14 ½ higher week/week. Jan beans traded with a 55 3/4 cent range during the week. Soymeal futures closed the last trade day of the week Nearby soybean futures $8.90 to $9.80 higher. BO was up by 69 to 88 points at the close on Friday. USDA’s cash B100 price for the week averaged $4.97/gal, compared to $5.37/gal last week.
The weekly CoT report showed soybean spec traders were 15,931 contracts less net long through the week that ended 11/30. That was driven by both long liquidation and net new selling. The commercials reduced their short hedge for a 12,452 contract lighter net short of 166,754. In the products, CFTC reported managed money was 37,681 contracts net long for meal and 64,360 contracts net long in soy oil. That was a weekly reduction of 15.9k and 18k contracts respectively.
Going into next Thursday’s WASDE repor... Read more