Soy Futures Gain into Extended Weekend

Beans ended up by double digits on Friday, which left Jan at a net penny loss for the week but had March as a net 3/4 cent gain. For the trading month of December, Jan beans remain 9 1/2 cents in the black so far. Meal futures closed $2.40 to $3.30 higher on the day. Jan meal stayed at a net $7.70/ton loss for the week. Soybean oil prices closed Friday 13 to 68 points higher, but the week closed as a net 257 point gain. USDA’s B100 price was 8 cents/gal weaker through the week to $5.85 in MN. 

The Commitment of Traders report showed managed money firms were adding longs through the week that ended 12/20. That lifted their net long by 3,989 contracts to 123,569 contracts. Commercial soybean traders did little through the week and were 161,427 contracts net short on 12/20. In the products, meal spec traders added 6k longs for a 121,263 contract net long. The funds were 58,130 contracts net long in soy oil, which was up 4.8k contracts through the week on short covering. 

The Buenos Aires Grains Exchange reported 61% of the soy area has been planted – trailing last year’s pace by 18% points. The exchange mentioned a possible downward revision for planted area up to 200k HA citing dryness. 

Chinese customs data showed the PRC brought in 7.35 MMT of soybeans during November. That was down 14% from Nov ’21, with U.S. origin down by 7%. The U.S. sourced 46% of their total in November, compared to 35% from Brazil and a 42.5% share of last year’s 8.547 MMT total.  

Jan 23 Soybeans  closed at $14.79, up 11 1/4 cents,

Nearby Cash   was $14.54 1/1, up 11 1/4 cents,

Mar 23 Soybeans  closed at $14.84 1/2, up 12 1/2 cents,

May 23 Soybeans  closed at $14.90, up 14 1/4 cents,