Soybean futures saw slight gains on Friday morning, with January contracts down 32 cents for the week. Cash bean prices averaged $10.34 1/2, while soymeal futures were down $3.50 to $4.20. Soy oil futures remained steady to 17 points lower, with more deliveries issued for December soybean meal. The CFTC Commitment of Trade data showed managed money increasing their net long position to 118,489 contracts, while commercials added to their net short position. The USDA Export Sales reports showed soybean bookings estimated at 0.45-1.6 MMT, with sales to China and unknown destinations. WASDE data is expected to show a 16 mbu increase in US soybean ending stocks. China’s soybean imports in November dropped by 14.5% from October. Argentina soybeans are 45% planted, while Brazil’s soybean crop is at 94% planted. Jan 26 soybeans closed at $11.05 1/4, down 14 1/4 cents, nearby cash was $10.34 1/2, and Mar 26 soybeans closed at $11.16.

Read more at Yahoo Finance: Soybeans Shrugging Off Overnight Weakness