New Highs for Soymeal on Friday Soy Rally

The soy complex rallied back on Friday, ending more than a percent higher across all three markets. Meal prices closed 2.1% to 2.9% higher and set new contract highs on the day. Soybean futures were 14 3/4 to 21 3/4 cents higher at the bell, and just 6 cents under their daily high. Jan beans rallied 34 3/4 cents to back above $15/bushel. Soybean oil futures closed 68 to 79 points on the last trade day of the week. USDA saw B100 prices 19 cents lower through the week in MN, averaging $5.90/gal. 

Weekly CoT data had managed money funds net buyers of 15.6k soybean contracts. That expanded their net long to a 29-wk strong 142,994 contract net long as of 1/03. Commercial soybean hedgers added 8.9k new short hedges for a 10.7k contract stronger net short of 173.8k contracts. Spec traders were net buyers in meal, extending their net long 11.9k contracts through the week to 141,877. The funds were 1,825 contracts less net long in soy oil, at 63,762 contracts as of 1/03, after some net new selling through the week. 

USDA confirmed a private soybean sale this morning with 132k MT of old crop sold to unknown. Weekly soybean sales were 720,997 MT for the week that ended 12/29. The pre-report estimates were for between 400k and 1.2 MMT. Bean sales were 2% higher on the week and 2% under the same week last year. USDA reported the accumulated soybean commitments were 43.829 MMT as of 12/29 – a 3% lead over last week’s pace. 

For the products, the FAS data showed 79,259 MT of soymeal was booked. 353 MT of soy oil was sold for the week that ended 12/29. 

Jan 23 Soybeans  closed at $15.01 1/2, up 34 3/4 cents,

Nearby Cash   was $14.60 3/4, up 22 3/8 cents,

Mar 23 Soybeans  closed at $14.92 1/2, up 21 3/4 cents,

May 23 Soybeans  closed at $14.98 1/2, up 21 cents,