Soybean prices traded higher with 1.14% to 1.7% gains in the front months to go into the weekend in the black. Jan beans closed the week with 4.4% gains. Soy oil futures led the rally, closing the week with triple digit gains on Friday and a wk/wk gain of 7.5% (Dec). That had December within 212 points of the LoC high from June. Meal prices mostly faded through the week after the Monday rally. Friday’s $4.20 to $6.10 gains in the front months limited the week’s loss to $5/ton.Â
The weekly Commitment of Traders data had soybean spec traders 25,918 contracts more net long through net new buying as of 11/1. That left them back above the 100k contract net long for the first time since 9/20. Commercial soybean traders lifted 65,556 hedges through the week, with more long liquidation than short covering, for a 27.3k contract stronger net short of 140,670 contracts. Managed money was shown 93,417 contracts net long as of 11/1, up from 86,030 the Tuesday prior given net new buying. BO specs were also net new buyers through the week, and expanded their net long by 4,957 contracts to 100,118.Â
Ahead of the monthly WASDE report, analysts surveyed are looking for a 0.1 bpa yield boost to 49.9 bpa. That would take production up to 4.322 bbu if the trade average guess is realized. Ending stocks, however, are projected to loosen by an additional 3.3 mbu relative to October, to 211.9 mbu, reflecting demand loss.Â
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Nov 22 Soybeans  closed at $14.51 1/2, up 24 3/4 cents,
Nearby Cash  was $14.26 1/2, up 26 7/8 cents,
Jan 23 Soybeans  closed at $14.62 1/4, up 25 1/4 cents,
Mar 23 Soybeans  closed at $14.69, up 25 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
