Front month soybeans saw afternoon strength and were up 13 3/4 to 16 3/4 cents at the close. Through January, March beans rallied 56 3/4 cents. The national average soybean basis was 2 1/2 cents stronger from month beginning to today’s close. Meal futures also rallied post midday and closed the session $3.90 to $4.70/ton higher. Meal prices end the month of January up by $1.30/ton, but traded within a $53.80/ton range. Soy oil prices closed the week mixed, with 3 point losses for March but 12 and 30 point gains in the deferreds. Soy oil prices closed the first month of 2021 2.20 cents/lb higher than the beginning of the year. The Commitment of Traders report, with data as of 1/26, had bean specs extending their net long with little change to their OI on the week. From 1/19 to 1/26 spec traders covered 3,304 shorts and added 1,388 new longs for a net long of 156,590 contracts. Managed money was 3,041 contracts less net long in soymeal on the week. And funds were net buyers for 16,635 contracts of BO leaving them 107,334 contracts net long. South Korea purchased 60,000 MT of optional origin soymeal.

--- provided by Brugler Marketing & Management