Soybeans Below $9 Mark

Soybeans futures closed below $9 for the first time since late September for the January contract. The futures finished with a 21 1/4 cent loss for the week. Soybean meal closed lower by $2/ton, with a $8.10 loss on the week. Soybean oil finished Friday 19 points in the black, to push the wk/wk gain to 45 points. Export commitments of soybeans are now 4.8% above last year, even as unshipped sales down 3%. Accumulated exports are up 14% at 26% of the USDA projection. Combined, shipped and unshipped sales are 49% of that projection, with the normal pace at 63%. ARC Mercosul estimates that the Brazilian soybean crop is 77.3% planted, vs. the average of 80.5% and 89.6% last year. Managed money was reported net long by 18,452 contracts, with the long having shrank by 12,598 wk/wk. That was the third consecutive reduction of that long position.

Jan 20 Soybeans closed at $8.97, down 4 cents,

Mar 20 Soybeans closed at $9.11 1/4, down 4 cents,

May 20 Soybeans closed at $9.25, down 3 1/2 cents,

Jul 20 Soybeans closed at $9.37, down 3 1/4 cents,

Dec 19 Soybean Meal closed at $299.00, down $2.00

Dec 19 Soybean Oil closed at $30.88, up $0.19

-- provided by Brugler Marketing & Management





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