Beans Close Higher on Friday

Soybean futures recovered 4 3/4 to 8 1/2 cents on Friday. Despite this, Nov beans were still 2.5% below last Friday’s close. CME noted 300 deliveries against Nov beans. Soy products also closed in the black on Friday. Meal was up $1.20 to $1.70/ton on the day, and BO futures recovered 53 to 55 points by the close. This morning, USDA announced a large soybean export sale for 121,500 MT to unknown. The weekly CoT update showed soybean spec traders were 232,717 contracts net long on 10/27. That was an extra 825 contracts net long vs. the previous week. In soymeal the spec traders were net buyers, increasing their net long 615 contracts to 84,229. Managed money was 94,940 contracts net long in bean oil, up 12,392 contracts on net. Analysts are looking for 170.9 – 172.0 (171.3 av) million bushels of Sept bean crushings in USDA’s Fats and Oils report on Monday. The average of analyst estimates for soy oil stocks is 1.826 billion lbs. SAFRAS and Mercado estimate 2020/21 bean output at 133.5 MMT, which was a 1.33 MMT bump from the previous estimate. Argentine bean processors, SOEA union members, resumed their strike on Friday after the group deemed the COVID relief payment as insufficient.

Nov 20 Soybeans closed at $10.56 1/2, up 4 3/4 cents,

Jan 21 Soybeans closed at $10.56 1/4, up 5 3/4 cents,

Mar 21 Soybeans closed at $10.48, up 7 3/4 cents,

May 21 Soybeans closed at $10.44 3/4, up 8 1/2 cents,

Dec 20 Soybean Meal closed at $378.60, up $1.70

Dec 20 Soybean Oil closed at $33.61, up $0.55

--- provided by Brugler Marketing & Management

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