Following the strength on Friday, soybean prices are extending the move with another push to the $15 mark. March is off the overnight high, but is still up by 5 1/4 cents. Meal is red so far for Monday, while BO is up into the new week. 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. Preliminary OI data showed rotation of ownership, eith OI dropping only 116 contracts despite the big price swing. Soybean oil futures closed 68 to 79 points on the last trade day of the week.Â
CHS put out 220 deliveries against January soybean futures, all stopped by Cargill and all of them at Morris, IL. Deliveries are still only current through December 22 (oldest long still awaiting delivery).Â
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.Â
Weekly soybean sales were 720,997 MT for the week that ended 12/29. 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.Â
A Reuters survey of analysts shows average Dec 1 soybean stocks ideas at 3.132 billion bushels vs. 3.152 billion a year ago.Â
Jan 23 Soybeans  closed at $15.01 1/2, up 34 3/4 cents, currently up 7 1/4 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, currently up 3 3/4 cents
May 23 Soybeans  closed at $14.98 1/2, up 21 cents, currently up 2 3/4 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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