Soy Rallies into Weekend

Soybeans rallied off of midday losses and ended the week with 4 to 10 cent gains. November outgained Jan by 3 cents from Friday to Friday, adding to the inverse/backwardation. Carry in Chinese beans is 17 yuan/MT (~7 cents/bu) from November to January. Carry for Dalian No 2 soybeans is 92 yuan/MT (~37 cents) form Nov to Jan. CBT meal futures also rallied off of midday losses and closed the session $2.10 to $4.10/ton higher. That added to the week’s gain of $18.90/ton from Friday to Friday. Bean oil futures closed the session with 34 to 42 point gains. Soybean spec traders covered 6,176 shorts on the week ending 10/20. That left spec traders 231,892 contracts net short as of the 20th. The CoT report also showed a 4,556 contract stronger net long in soymeal. Bean oil specs were reported at 82,034 net long.

Nov 20 Soybeans closed at $10.83 3/4, up 10 cents,

Jan 21 Soybeans closed at $10.81, up 8 3/4 cents,

Mar 21 Soybeans closed at $10.67 1/2, up 8 3/4 cents,

May 21 Soybeans closed at $10.61 1/2, up 6 1/2 cents,

Dec 20 Soybean Meal closed at $386.40, up $4.00

Dec 20 Soybean Oil closed at $34.11, up $0.42

--- provided by Brugler Marketing & Management

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