Soybeans saw continued weakness on Friday, with most front months down 2 to 3 cents. January closed the week down 27 ½ cents from last Friday, while the national average Cash Bean price was 2 3/4 cents lower at $9.78 1/2. Soymeal futures were down 80 cents to $1.50, with January $4.90 lower this week. Soy Oil futures were down 2 to 21 points, with January down 217 points week over week.

A private export sale of 134,000 MT of soybeans to China was reported by the USDA. Export Sales data for the week of December 4 is expected on Monday, with analysts forecasting 0.8-2 MMT of bean sales. Meal sales are estimated in a range of 200,000-500,000 MT, with bean oil in a 5,000-25,000 MT range.

In the week ending December 9, managed money reduced their net long in soybean futures and options by 35,088 contracts. They were net long 180,338 contracts as of that Tuesday.

China state stockpiler Sinograin sold 179,702 MT in their auction on Friday, nearly a third of the offered amount. Jan 26 Soybeans closed at $10.49 1/4, down 3 cents, while Nearby Cash was $9.78 1/2, down 2 3/4 cents. Mar 26 Soybeans closed at $10.59 1/2, down 2 1/2 cents, and May 26 Soybeans closed at $10.70 1/2, down 2 3/4 cents.

Read more at Yahoo Finance: Soybeans Close Friday with Continued Weakness