Soy prices will not reopen until 8:30 AM CST. 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.
January bean options expired on Friday, likely contributing to the 6,472 drop in open interest. Meal OI dropped 2245 contracts, and soy oil plunged 8,384 contracts. They also had options expiring.
US futures were closed on Monday. Dalian (China) futures were up sharply on Monday in the #2 DCE contract used for imported beans. Active January futures were up 79 yuan to 5,007/MT (~$19.56/bu).
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.
Jan 23 Soybeans closed at $14.79, up 11 1/4 cents,
Nearby Cash was $14.54 on Friday, 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,
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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