Soybean Oil Pit Jul '17 (BON17)

Soybeans got a boost from the meal value on Thursday, with contracts up 14 to 34 ¼ cents across the board. Soymeal paved the way for the rally, with $8 to $15.90/ton gains. Soy Oil closed mixed, with nearby down 2 to 5 points and deferred steady to 2 points higher.

Export Sales data from this morning showed an improvement from the week prior at 413,997 MT of beans sold in the week ending on 4/25. Egypt was the buyer of 146,000 MT, with 112,000 MT sold to Indonesia. USDA also reported new crop bookings at just 7,000 MT. Soybean meal bookings were below the trade range of estimates at just 131,012 MT, with bean oil bookings at a net sale of 7,195 MT.

Census data from March was released this morning, as bean shipments were tallied at 3.05 MMT (112.2 mbu), a drop of 2.6% from last year. Shipments to China were at a 12 year high for the month of 1.767 MMT. Meal exports to all destinations were a all time high for any month at 1.49 MMT. As US bean oil inclusion rates slow down... Read more