So far for the new week the soybean market is 3 to 5 cents weaker, with meal prices 80c to $1.20 in the red. BO prices are firmer by 10 to 20 points into the day trade – but have backed off their overnight highs by +20 points.
The soy market bounced back on Friday to limit the week’s decline. Beans closed 7 to 11 1/2 cents in the black. For Jan that meant a full week 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, currently down 3 3/4 cents
Nearby Cash was $14.04 ¾ on Friday, up 11 7/8 cents,
Mar 23 Soybeans closed at $14.33 1/4, up 11 cents, currently down 4 3/4 cents
May 23 Soybeans closed at $14.39 3/4, up 11 1/4 cents, currently down 5 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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