Soybeans closed higher on Friday, with front month contracts up 1 to 2 ½ cents. January saw a ½ cent gain for the week, and the national average Cash Bean price was up 2 3/4 cents. Soymeal futures also rose, while Soy Oil futures were slightly lower.

Commitment of Traders data revealed soybean speculators held a net short position of 353 contracts as of 10/7, a significant reduction of 38,359 contracts from the previous week.

USDA’s Fats & Oils report showed a record 198 million bushels of soybeans crushed in August, up 18.19% from last year. Soybean oil stocks were at 1.79 billion lbs, a decrease from July but higher than the previous year.

Data from Buenos Aires Grains Exchange indicated soybean planting progressed to 24.6%, a 12% increase from the previous week, but still 11% behind last year’s progress. Soybean prices closed higher, with Jan 26 Soybeans at $11.25.

Read more at Yahoo Finance: Soybeans Push Higher into the Close to End the Week in Positive Territory