Soybean Oil Jul '24 (ZLN24)

Soybeans leaked lower for much of the Monday session, as contracts were down 13 ¼ to 22 ¼ cents across the board.  Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure.  Soy Oil futures found 1 to 5 point strength in the front months, helped by more positive NOPA data.

The weekly NASS Crop Progress report indicated 93% of the US soybean crop was planted, 2% ahead of average, with 82% emerged 3% faster than normal. They reported condition ratings down 2% to 70% gd/ex, as the Brugler500 index, taking in all 5 categories, were 3 points lower to 376.

Monday morning’s NOPA report tallied May crush at 183.63 mbu among its members. That was a record for the month, more than 5 mbu above the average trade guess, and an 8.37% increase from the April dip. Soybean oil stocks came in at 1.723 billion lbs, well below trade estimates and the 1.832 billion lbs from April, and a 7.91% decline from last year.

Weekly Export Inspections data indicated a 42.8% week/week... Read more