Soybean Futures Market News and Commentary
The Friday soybean trade settled with prices 4 to 7 ¾ cents in the red. The Jan contract spiked below the $13 round number after the report, but futures closed back above the mark. Jan beans printed a wide 31 ¾ cent range on the day, and finished out the week with a net 21 cent loss. Soymeal futures ended the Friday session $1.80 to $2.10 weaker, with Jan down by $8 for the week. Soybean Oil futures traded lower into the weekend with 80 to 96 point losses on Friday. That pushed the Jan contract’s weekly loss to 125 points. USDA left the average soybean cash price at $12.90 for soybeans, but had meal$10/ton higher at $390 and soy oil 4 cents weaker at 57 c/lb.
The weekly CoT data showed soybean spec traders were dropping soybean longs during the week that ended 12/5. That left the group 31k contracts less net long at 36,633. Commercial soybean hedgers were closing short hedges during the week, reducing their net short to 116,207 contracts.
The daily reporting system sho... Read more