Soybean Oil Futures Market News and Commentary
The Monday soy complex closed mixed but mostly lower, as soymeal recovered into the close. Going home meal prices were within $1.60 of UNCH. Soybean oil bounced from the intra day lows, but the front months were still triple digits weaker at the bell. Soybean futures closed 10 3/4 to 13 1/4 cents in the red on Monday.
Malaysian Palm Prices were down 0.85% on Monday after printing new highs. Canadian Canola Prices are sharply lower on Monday with a 2.64% drop, as were European Rapeseed Futures down nearly 5%.
USDA reported a soybean sale to China this morning under the daily reporting system. Of the 132k MT booked, half is for old crop and the other 66k MT is for new crop delivery, basically one vessel of each. Weekly Export Inspections data showed 1.3 MMT of soybeans were exported during the week that ended 1/20. That was down 429k MT from the week prior and 806k MT below the same week last year.
Mar 22 Soybeans closed at $14.03, down 11 1/4 cents,
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