Soybean Oil Futures Market News and Commentary
Turnaround Tuesday has the soy complex in the red @ midday. Beans are trading lower with double digit losses of 9 to 10 3/4 cents. Soymeal prices are firm, trading mostly lower within 40 cents of UNCH. Soybean oil prices are down 43 to 57 points.
Cash price data from cmdtyView shows ECB bean prices are quoted $12.29 3/4 for spot delivery. That is down $12.42 yesterday. In the WCB cash bean quotes were firmer, dropping from $12.42 3/4 yesterday to $12.31 1/2 at midday.
The weekly Crop Progress report reflecting NASS data as of 9/26 showed bean harvest advanced 10% points through the week, to 3% points ahead of average at 16% complete. Soybean conditions were UNCH nationally at 58% good/ex and a 351 Brugler500 score. At the state level, however, KY, KS, IL, and AR were lower while MS, MO, SD, and WI improved. Even with the 8 point Brugler500 boost to conditions, SD beans were still a low 279 on the index.
Brazil’s AgRural reported 1.3% of 21/22 soybeans were plant... Read more