Soybean Meal Futures Market News and Commentary
At the close beans were 14 cents weaker in the March contract and a dime in the red in the May. The other nearby beans closed fractionally to 8 1/2 cents lower. March is still at a nickel premium to May and is a 13 1/2 cent premium to July. New crop beans lessened their discount, but are still $1.58 below the spot market. In the products, meal closed Friday $2.50 to $3.60 in the red. For March that finished the week with a net $9.80 gain and just $13.50 below the contract high. BO prices went into the weekend with Friday losses of 5 to 17 points. USDA cited the B100 cash price at $5.50/gal in MN for the week, a 20c drop from last week.
CFTC reported managed money soybean spec traders were 146,261 contracts net long as of 1/24. That was a 22k contract weaker net long through the week as the funds closed 14k longs and added 8k new shorts. Commercial soybean hedgers added 15k new long hedges which helped weaken their net short by 19k contracts to 179,807. In the products, the sp... Read more