Soybean Futures Market News and Commentary
Soybean futures are trading ~4c under their daily highs but still 3 ¾ to 7 cents in the black for midday. The average Nov close for the month was $11.55 for crop insurance calculation. Soymeal futures are sitting 1.5% in the black at midday. Soy Oil prices are down by 39 to 48 points so far.
CME reported 502 deliveries vs March soybeans for a 1,204 contract total for the month. There were also 37 contracts for meal, now up to 308 for the month, and 1 for soy oil – now at 2 MTD.
EIA data had 1.14 billion lbs of soy oil used for biofuel production in December. That was up from 1.06 billion lbs in Nov.
Ahead of this afternoon’s Fats & Oils report, the trade is looking for Jan soy crush to come in at 196.6 million bushel. Soy oil stocks are figured to be 8% larger for the month at 1.982 billion pounds.
Weekly Soybean bookings were shown at 159,725 MT. That was up from the MY low last week but was still at the bottom of estimates and was 62% below the same wee... Read more