Soybeans are pushing higher on Monday morning, with gains of 5 to 9 cents. Futures faded the initial gains post USDA report release on Friday morning, but bulls managed to close the day with contracts up 1 ¼ to 6 cents across most contracts on Friday. January closed out the week with a 36 ½ cent gain since last Friday. CmdtyView’s national front month Cash Bean price was up 4 1/2 cents at $9.75 1/2. Soymeal futures provided some pressure with losses of $1.70 to $2.30/ton on the session. Soy Oil futures gave the complex some strength, with 45 to 64 point gains across the board. 

Friday morning’s Crop Production report saw NASS slash their US soybean crop projection, with yield down 1.4 bushel per acre at 51.7 bpa. That helped to tighten down the production total to 4.461 billion bushels, a 121 mbu reduction from October.

The sharp drop in production took the US ending stocks down by 80 mbu to 470 mbu. As for the demand side, crush was trimmed by 15 mbu to 2.41 bbu, with exports down 25 mbu to 1.825 bbu. For the world side, production out of South America was left unchanged. World ending stocks were tightened down by 2.91 MMT to 131.74 MMT, mainly on the US number. 

Commitment of Traders data showed managed money spec funds in soybean futures and options trimming 2,114 contracts from their net short as of Tuesday. On November 5 they were net short 70,112 contracts.

Soybean planting in Brazil was tallied at 67% complete was of last Thursday, which is now 6 percentage points ahead of the same time last year.

Nov 24 Soybeans  closed at $10.16 3/4, up 1 1/4 cents, currently up 9 cents

Nearby Cash  was $9.75 1/2, up 4 1/2 cents,

Jan 25 Soybeans  closed at $10.30 1/4, up 4 cents, currently up 5 1/2 cents

May 25 Soybeans  closed at $10.56 3/4, up 6 cents, currently up 5 cents