After fading on Wednesday and Thursday, the Friday soy market bounced back to limit the week’s move into the weekend. Beans closed 7 to 11 1/2 cents in the black. For Jan that was a weekly 21 3/4 cent drop. Meal prices closed the last trade day of the week with $3 to $4.70/ton gains. Dec meal gained a net $6.30 for the week. BO futures ended up by 39 to 61 points on the day, which for Dec completed the week 423 points in the red. USDA reported cash B100 from $7/gal in MN (UNCH) to $7.32/gal in IL (+44c/gal) for the week.
CFTC’s weekly Commitment of Traders report had managed money weakening their net long by 10.9k contracts by rolling existing longs to shorts. That left the group 92,965 contracts net long as of the 11/15 close. Commercial soybean hedgers reduced their net short during the week by adding new long hedges, CFTC had them 134,665 contracts net short. In the products, spec traders closed 14.9k meal longs for a 19.7k weaker net long of 75,710 contracts. The funds were 5,161 contracts more net long in soy oil through the week to 110,371 contracts. their strongest net long since Feb of 2021.
Jan 23 Soybeans closed at $14.28 1/4, up 11 1/4 cents,
Nearby Cash was $14.04 3/4, up 11 7/8 cents,
Mar 23 Soybeans closed at $14.33 1/4, up 11 cents,
May 23 Soybeans closed at $14.39 3/4, up 11 1/4 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.
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