Soybean Oil Futures Market News and Commentary
Nearby bean futures finished on Friday with gains of 1 to 1 1/2 cents. Soybean meal closed Friday with $4.00/ton gain. Soybean oil lost 35 points on the day. The NOPA Oilseed Crush Report showed 175.397 mbu, which was above trader expectations of ~166.8 mbu. The Commitment of Traders Report showed soybean futures were net long by managed money for the 6th consecutive week.
Managed money was net short for Soybean meal, with bean oil seeing an increase in net long as of 11/12. Weekly soybean export sales were 30.7% lower than last week’s bookings, reported at 1.253 MMT as of 11/07. Exports were down 18.3% wk/wk to 1.274 MMT shipped. Of those weekly shipments, 54.42% were headed for China. The MYTD for all accumulated soybean exports have been updated to 10.732 MMT up 11.6% over last MY year’s pace. Soybean meal export sales were 3.297 MMT, with soy oil seeing 30,560 MT of weekly sales and 12,144 MT of shipments for the week.
JAN 19 Soybeans closed at $9.18... Read more