Beans Higher for Weekend

Soy futures close the week comfortably in the black. At the closing bell, soybeans were 10 1/4 to 16 cents higher. Nov beans were 4.77% higher from Fri-Fri on a 47 cent rally. Soymeal futures closed the day with $6.5 to $7/ton gains. October soymeal futures closed 5.47% higher from Friday to Friday. Bean oil rallied 4.82% on the week, and closed the Friday session with 19 to 32 point gains. Chinese importers booked 132,000 MT of U.S. soybeans for 2020/21 delivery. USDA also announced a 100k MT sale of soymeal to unknown on Friday. The weekly Commitment of Traders report had soybean spec traders at 191,774 contracts net long. That was a 10.3% increase on the week on net new buying. Commercial short paper increased 33,857 contracts to the largest on record @ 625.9k. That left commercials at the 8th strongest net short on record of 324,798 contracts. In Soybean meal, managed money extended their net long 11,578 contracts to 43,697. Bean oil spec traders were reported at 94,564 contracts net long on 9/15.

Nov 20 Soybeans closed at $10.43 1/2, up 15 cents,

Jan 21 Soybeans closed at $10.47 1/4, up 16 cents,

Mar 21 Soybeans closed at $10.38, up 14 1/4 cents,

May 21 Soybeans closed at $10.30 1/2, up 11 1/2 cents,

Oct 20 Soybean Meal closed at $337.40, up $7.00

Oct 20 Soybean Oil closed at $35.23, up $0.32

--- provided by Brugler Marketing & Management

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