Soybeans posted double digit gains on Sunday night, and are 10 to 15 cents per bushel higher than Friday’s close ahead of the re-open. January soybeans took a peek at $12 for the first time for a front month contract since 2016. Ongoing dryness in Brazil during early vegetative growth is the concern. On Friday, soybean futures were up by 3 1/2 to 6 1/2 cents. Soymeal closed the session up by $0.20 to $1.10/ton. BO futures closed the Friday session 14 to 17 points weaker, December soybean oil rallied 4.12% from Friday to Friday. The weekly Commitment of Traders report showed soybean spec traders reduced their net long 12,320 contracts to 208,774. Commercial open interest rose 1.2% on the week, reducing the net short 3,650 contracts to 384,030. In soymeal, managed money OI dropped 7.4% reducing the net long 6.3% to 74,210 contracts. Managed money expanded their net long in soybean oil to above 100k contracts for the first time in 8 weeks to 103,778 contracts on 11/17.
--- provided by Brugler Marketing & Management
