Soybeans are UNCH to 6 cents higher to start the new week. The biggest overnight gains were in the 2021/22 crop futures rather than the old crop. Front month soybeans saw closed on Friday up 13 3/4 to 16 3/4 cents in the nearbys. The price increase came on very little participation, with preliminary open interest up only 529 contracts for the day.  Through January, March beans rallied 56 3/4 cents. Meal futures also rallied post midday and closed the session $3.90 to $4.70/ton higher. Soy oil prices closed the week mixed, with 3 point losses for March but 12 and 30 point gains in the deferreds. Higher soy oil prices have hurt usage for biodiesel, with EIA showing November soy oil use for biodiesel dropping to 683 million pounds vs. 723 million in October. Trade estimates ahead of today’s Fats and Oils report average 193.9 mbu of beans for December crush. Soy oil stocks are estimated at 2.254b lbs, which would be a 136m lb increase from November if realized. 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. Funds were net buyers for 16,635 contracts of BO leaving them 107,334 contracts net long.

--- provided by Brugler Marketing & Management