Beans Bounce A Bit

The 5 3/4 cent gain in the March futures was not enough to erase the 16 1/4 cent loss on the week, however front month soybean futures did finish 5 1/4 to 5 3/4 cents higher on Fridya. Soybean meal futures closed steady, but were $2.90/ton lower wk/wk. March bean oil futures gained 32 points on the day reducing the weekly loss to minus 1 point. The CFTC released their weekly CoT report this afternoon with data from Tuesday 01/14. Within the report soybean spec traders were 6,290 contracts net long, marking the second consecutive week in which they were long on net. Managed money open interest for soybeans was at the lowest level since Jan 29th of last year. Soybean meal saw managed money net short 31,720, which was a strengthening of 3,806 contracts wk/wk. Managed money was 112,911 contracts net long for soybean oil as of Tuesday, with spec trader open interest dropping 1,800 shorts and gaining 249 longs over last Tuesday.

Mar 20 Soybeans closed at $9.29 3/4, up 5 3/4 cents,

May 20 Soybeans closed at $9.43, up 5 3/4 cents,

Jul 20 Soybeans closed at $9.55 1/2, up 5 1/2 cents,

Aug 20 Soybeans closed at $9.59 1/4, up 5 1/4 cents,

Mar 20 Soybean Meal closed at $300.60, unch,

Mar 20 Soybean Oil closed at $33.35, up $0.32

--- provided by Brugler Marketing & Management




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