Soybeans come out of the MLK holiday with 7 to 15 cent losses overnight. Rainfall is much improved for South America, with more in the forecasts. That overnight loss sounds bad, but they had been more than 32 cents lower at one point. On Friday beans closed down 12 1/4 to 13 3/4 cents. The open interest rose only 1,638 contracts despite the double digit losses. For March, that just limited the weekly gain to 42 cents.  New crop contracts closed UNCH to 1 1/4 cents higher. Soymeal turned in the afternoon and closed the Friday session with $1.20 to $2.40/ton losses. Soy oil futures ended down by 114 to 126 points. The board soy crush margins continue to shrink. NOPA members processed 183.159 mbu of soybeans in December. Soy oil stocks were reported at 1.7 billion lbs. CFTC data from 1/12, USDA’s report day, showed managed money was 166,485 contracts net long. That was the result of 9,342 contract reduction over the week from long liquidation and new selling. Commercials reduced their net short 16,846 contracts to 297,117. For soymeal, managed money funds were 84,408 contracts net long. BO spec traders reduced their net long by 19,381 contracts on long liquidation to 93,536. International Grains Council reduced 2020/21 soy output by 6 MMT to 359 MMT - citing reduced yield potential in So. Am.

--- provided by Brugler Marketing & Management