Beans Close Red on Friday

Jan futures rolled off the board at $13.56 ¾ for beans, $445 on meal, and 58.15c/lb for bean oil. The other front month soybean futures closed 7 1/2 to 9 1/2 cents in the red. Soymeal closed $3.230 to $4.20 weaker. BO was firm, within 7 points of UNCH in the front months. USDA saw the weekly B100 cash price at $5.18/gal for the week that ended 1/14. That was above $5/gal last week. 

Commitment of Traders data showed soybean spec traders extended their net long during the week that ended 1/11. The 7,960 contract stronger spec position was fueled by net new buying into the USDA reports and left managed money 106,879 contracts net long. Commercial bean traders added 17,710 shorts and lifted 1.8k long hedges during the week that ended 1/11. That left the PMPUs 252,226 contracts net short soybeans going into the reports. 

As for the products, CFTC showed soymeal spec traders were 2,152 contracts more net long through the week to 72,920 contracts. Managed money was 55,907 contracts net long in bean oil as of the 1/11 settle. That was a 2,719 contract stronger net position from the week prior. 

Chinese customs data showed 8.866 MMT of beans were brought in during December. 

Ahead of the NOPA crush data, analysts are on average expecting 185 mbu of soybeans were processed in December. The full range of estimates is to see between 181.7 to 188.7 mbu. The average estimate for BO stocks is 1.892 billion lbs. 

The International Grains Council revised their soybean production forecast to 368 MMT in their January figure. That was 12 MMT above their prior November forecast. Stocks are forecasted at 52 MMT, which was 8 MTM tighter. 

Jan 22 Soybeans  closed at $13.56 3/4, down 8 1/2 cents,

Nearby Cash  was $13.27 1/8, down 7 3/4 cents,

Mar 22 Soybeans  closed at $13.69 3/4, down 7 1/2 cents,

Nov 22 Soybeans  closed at $12.93, down 11 1/2 cents,

New Crop Cash  was $12.34 5/8, down 10 7/8 cents,