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Soybean futures were off 1 to 2 pennies on Friday, following the big gains made on Thursday. The March contract was up 5 1/4 cents over the past week. Chinese markets are closed for the Lunar New Year holiday, and US Ag Markets are closed on Monday for Presidents Day as the Chinese come back to work. According to DTN, the national average cash soybean price was $8.25 1/2 last night, down $1.07 from this time a year ago. Data shows the national average basis is off 2 3/4 cents from last year, at 48 cents under. The weekly Commitment of Traders report was published at 2:30 PM showing positions reported as of the close on Tuesday. Managed money accounts were 68,137 contracts net short as of Tuesday, which was 42,275 contracts more short from a week earlier. NOPA crush data for January will be released on Tuesday. Average trade estimates expect the report to show 155.267 mbu (January 2015: 162.675 mbu).
Mar 16 Soybeans settled at $8.72 3/4, down 3/4 cent,
May 16 Soybeans settled at $8.76 1/2, down 1 1/4 cents,
Jul 16 Soybeans settled at $8.81 3/4, down 1 1/4 cents,
Aug 16 Soybeans settled at $8.83 1/2, down 1 1/4 cents,
Mar 16 Soybean Meal settled at $262.00, down $1.70,