Soybeans are slipping back 1 to 2 cents so far on Tuesday AM trade. Futures posted 4 to 5 cent gains across most contracts on Friday, as March was down just 4 ¾ cents on the week. Friday’s preliminary open interest was up 5,478 contracts. The cmdtyView national average Cash Bean price was 5 1/4 cents higher at $9.87 1/4. Soymeal futures up 80 cents to $2.40 higher, despite March falling $13.70 last week. Soy Oil futures were down 18 to 36 points on Friday, with the weekly move 292 points higher.
The weekly Commitment of Traders report on Friday afternoon showed spec traders in soybean futures and options slashing another 44,756 contracts from their net long to 12,961 contracts as of 1/13.
