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Soy Market Higher on Friday
BRUG - Fri Dec 13, 4:42PM CST

Soybean futures were nearly up by double digits on Friday, retreating from earlier session gains of 18-19 cents. Optimism about increased Chinese purchases drove the buying. Meal futures were $2.70 higher Friday, with Jan meal down $2.40 for the week. Bean oil futures were 37 points higher, with Jan oil up 138 points for the week. For the last trading day, Dec Soymeal futures were up $2.90/ton at the close, likewise bean oil futures bounced 24 points on their last trading day. Specs were Net short in beans for the 3rd consecutive week, and the CFTC net position was -112,528 contracts as of Tuesday night. Just in time to get beat up on the rally! The last time managed money held a 100,000+ contract position on net was when they were 129,994 contracts short in May 2019. Over the last 7 weeks the specs have gone from 72,325 long to 112k short. The Commitment of traders also showed that specs were still net short for meal. Bean oil specs were reported 77,670 contracts net long as of Tuesday. That’s a 18,492 contract growth to their net position wk/wk. Analyst estimates for the NOPA Nov. crush report average 172.032 mbu of soybeans. November last year saw 166.959 mbu crushed, with the 5 year average at 161.72 mbu.

Jan 20 Soybeans closed at $9.06 3/4, up 8 1/2 cents,

Mar 20 Soybeans closed at $9.21, up 8 1/2 cents,

May 20 Soybeans closed at $9.35 1/4, up 9 1/4 cents,

Jul 20 Soybeans closed at $9.47 1/2, up 8 3/4 cents,

Jan 20 Soybean Meal closed at $296.90, up $2.70

Jan 20 Soybean Oil closed at $32.60, up $0.37

--- provided by Brugler Marketing & Management

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