Soybean Oil Futures Market News and Commentary
So far for the midweek session, soy futures are trading red with losses of 9 cents in the beans, 40 cents in the meal and 1.2 cents in the soy oil. November dropped to $14 overnight. Soybeans shed 26 cent intraday gains on Tuesday and ultimately settled 1 to 3 1/4 cents lower. Preliminary open interest jumped 11,389 contracts on the wide range reversal. Soymeal futures stayed red during most of the session, ultimately closing down by as much as $6.50/ton. Soybean oil also faded the initial turnaround Tuesday attempt, closing 2 to 45 points weaker.
Weather forecasters had 32 degree temps dipping as far south as I-80 in Iowa overnight, so some later maturing soybean fields could have a little frost damage. Both IA and MN had 61% of their acreage dropping leaves as of Sunday, with 7% of the former already harvested.
Safras and Mercado estimated that 2% of the 22/23 Brazilian soybean crop was planted as of 9/26. Ag Rural estimated 1.5% was in the ground. Those compare to... Read more