Soybeans Close with Losses

Soybeans were down 7 1/2 on Friday, which ensured a weekly loss of 27 3/4 cents in the March contracts. Soybean meal futures closed $0.60/ton lower on Friday and closed the week $2.30/ton lower in the March futures. March soybean oil futures lost 46 points on Friday trades, which pushed futures 133 cents lower wk/wk. Soybean spec traders flipped their soybean position back to net short as the 01/21 CoT report indicated. Managed money stayed net short in soybean meal. Soy oil specs were less net long as of Tuesday. USDA reported weekly soybean export sales of 790,006 MT. That was a wk/wk increase of 23% but was 25.9% lower than the same week last year. New crop soybean bookings for the week ending 1/16 were in line with analyst expectations at 120,743 MT. Total unshipped commits are 6.977 MMT. As for soybean meal, the update showed more than expected sales for the week ending 01/16, with 641,919 MT in bookings. That was a weekly increase of 71.1% and was 162.2% more than the same week last year. Soybean oil sales were also above expectations, listed at 55,588 MT for the same week. That was the highest weekly sales number for bean oil since the week ending 01/25/18. Soy oil shipments total 322.745 MT through the first 16 weeks of the MY, which is a 3 year high.

Mar 20 Soybeans closed at $9.02, down 7 1/2 cents,

May 20 Soybeans closed at $9.15 3/4, down 7 1/2 cents,

Jul 20 Soybeans closed at $9.29 1/2, down 7 1/2 cents,

Aug 20 Soybeans closed at $9.34 1/4, down 7 1/2 cents,

Mar 20 Soybean Meal closed at $298.30, down $0.60

Mar 20 Soybean Oil closed at $32.02, down $0.46

--- provided by Brugler Marketing & Management

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