Soybean Oil Futures Market News and Commentary
Ahead of USDA’s Export Sales report, front month soy futures are 12 to 17 cents higher, taking out the January life of contract highs. Yesterday beans closed 17 1/4 to 17 3/4 cents higher for old crop. New crop soybeans closed 14 1/2 to 16 1/4 cents higher. The old to new crop spread widened to $1.85 1/2 /bu (Nov to March). The February average price for November futures is $11.82 per bushel with 2 calculation days remaining. Soymeal futures closed $1.10 to $1.80 higher, but it was soy oil that led the complex with 160 to 188 point gains. The CBT synthetic crush increased to 81 1/2 cents yesterday. Trade expectations ahead of USDA’s Export Sales report are for 200,000 to 800,000 MT of old crop bean sales. New crop soybean bookings are expected to be below 500k MT. For soymeal trade expectations are for 75,000 to 450,000 MT booked on the week ending 2/18. Soy oil bookings are estimated to be shown between 5,000 and 30,000 MT.
--- provided by Brugler Marketing & Management