Soybean Oil Futures Market News and Commentary
Front month soybeans are down 9 to 16 cents at midday, giving back some of last week’s gains. Preliminary open interest rose 10,543 contracts on Friday. Soymeal futures are down $2.70 to $2.60 at midday. Bean oil is also lower out of the weekend, with midday losses of 71 to 75 points. USDA announced that both Pakistan and China purchased 132,000 MT of soybeans. A sale for 171,000 MT to unknown was also announced under the daily system. USDA’s Export Inspections report noted 1.311 MMT of beans shipped on the week ending 9/17. That was 384.6k MT above the same week last year. China was the destination for 68% of the week’s total. MYTD soybean exports were at 3.567 MMT, outpacing last year by 1.399 MMT. The trade estimates soy harvest at 5% complete. Bean condition ratings are expected to drop 1% to 63% good/ex. HIS Markit estimates 2021 bean planted area will increase 3.3m acres.
Nov 20 Soybeans are at $10.28 1/2, down 15 cents,
Jan 21 Soybeans are at $1... Read more