Soybean futures settled 2 to 6 cents higher on Friday but were closed on Monday. January soybean meal was 80 cents higher. Soy oil gained 58 points on a bullish USDA export sales week featuring 44,200 MT in new sales for the week. The Friday USDA weekly Export Sales report showed 17/18 soybean export sales of 974,700 MT for 2017/18 delivery, with another 81,300 MT for 2018/19. Meal sales were on the higher end of expectations at 288,300 MT and topped the 300,000 MT mark when you throw in 17,600 MT booked for next year. The CFTC Commitment of Traders report showed the spec funds adding 28,319 contracts to their net short position in the week ending December 26. That put them net short 69,091 contracts of futures and options on Tuesday night. USDA’s Fats & Oils report today is expected to show November crush of about 174 million bushels, with trade ideas running 173.5-175.0 million.

Market Commentary provided by:

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