Soy Futures Close Higher on Friday

Friday’s soybean market added another double digits to the upside. For the March contract that ended the day with a 55 3/4 cent gain. Soymeal futures were also higher on Friday having added $6.40 to $6.70 to the upside. For the week, March meal rallied $18.50/ton. BO prices went home on Friday off their highs, but still 83 to 93 points in the black. Soybean oil futures rallied 227 points in the March contract through the week. The weekly cash average price for B100 was reported at $5.55/gallon, compared to $5.18 last week. 

The weekly Commitment of Traders report showed soybean spec traders increased their net long by 15,256 contracts to a 33-week high of 114,895 contracts. Commercial bean traders increased their net short by 7,579 contracts to 257,085. Commercial OI increased 31,183 contracts from Tuesday to Tuesday. In meal, CFTC reported managed money at 64,334 contracts net long as of 1/25. That was a 409 contract reduction as the short covering and long liquidation through the week nearly matched. Soybean oil spec traders extended their net long by 10,565 contracts to a 9 week strong 68,773. 

Private crush firm Abiove estimated the Brazilian soy S&Ds off a 135.8 MMT. That was a 4.2 MMT reduction from their prior figure, with most of the difference absorbed in exports. Abiove has their new Brazilian soy export forecast at 86.9 MMT, which was 4.2 MMT lighter than their prior estimate. Crush was firm at 48 MMT, and carryout figured at 3.9 MMT. 

Mar 22 Soybeans  closed at $14.70, up 21 3/4 cents,

Nearby Cash  was $14.24 3/8, up 21 3/8 cents,

May 22 Soybeans  closed at $14.75 1/4, up 21 1/4 cents,

Nov 22 Soybeans  closed at $13.51 1/2, up 13 1/2 cents,

New Crop Cash  was $12.95 1/8, up 14 3/4 cents,