Soybean Jan '23 (ZSF23)
Soybean Futures Market News and Commentary
The weekly bean market saw strength early before Thursday took it all back. On the last trade day of the week beans gained 8 1/4 to 10 1/2 cents, leaving Jan at a net 2 1/4 cent gain from Friday to Friday. Meal stayed up on the week, with Friday’s front month gains of $2.50 to $3.60/ton keeping the Jan contract at a net $17.80 gain for the week. Soybean oil was pressured midweek from EPA proposed biofuel production mandates. Friday’s 1.1% to 3.2% losses kept BO down a net 650 points (9%) for the week. USDA’s weekly Ethanol report showed the MN average B100 Biodiesel price was $6.74/gal for the week, UNCH with the week prior.
The Commitment of Traders report showed managed money was 102,104 contracts net long in soybeans as of the 11/29 settle. That was a 20k contract increase through the week, mostly fueled by net new buying. Commercial soybean traders added 12k short hedges, with 4k fewer longs, for a net short of 144,388 contracts. Managed money firms were also net buyers i... Read more
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