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Beans Close Higher on Friday

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Front month soybean futures closed the last trade day of the week up by 3 1/2 to 6 1/2 cents. January soybeans were 2.87% above last Friday’s close. Soymeal closed the session up by $0.20 to $1.10/ton after trading in the red at midday. Dec meal gained $6.60 on the week. BO futures closed the Friday session 14 to 17 points weaker, despite the Friday give back oil futures were the strongest of the soy complex for the week. December soybean oil rallied 4.12% from Friday to Friday. The weekly CoT report from CFTC showed soybean spec traders reduced their net long 12,320 contracts to 208,774. That came via long liquidation and new selling, with a 1.7% drop in managed money OI. Commercial open interest rose 1.2% on the week, reducing the net short 3,650 contracts to 384,030. In soymeal, managed money OI dropped 7.4% reducing the net long 6.3% to 74,210 contracts. Managed money expanded their net long in soybean oil to above 100k contracts for the first time in 8 weeks to 103,778 contracts on 11/17.  

Jan 21 Soybeans are at $11.81, up 3 1/2 cents,
Mar 21 Soybeans are at $11.81 1/4, up 5 3/4 cents,
May 21 Soybeans are at $11.79 1/2, up 6 1/2 cents,
Jul 21 Soybeans are at $11.73 3/4, up 6 cents,
Dec 20 Soybean Meal is at $394.70, up $1.00
Dec 20 Soybean Oil is at $38.66, down $0.15


--- provided by Brugler Marketing & Management

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