Soybean Oil Pit May '12 (BOK12)
Soybean Oil (Pit) Futures Market News and Commentary
Soybeans were weaker on Tuesday, with contracts closing fractionally to 4 ¾ cents lower. The cmdtyView national average Cash Bean price was up 1/4 cent at $10.58. Soymeal futures were down $1.60 to $2.70 on the day, with Soy Oil futures mixed, from 35 points higher to 34 points lower.Â
The weekly Crop Progress report from NASS showed 92% of the US soybean crop planted by 6/7, up 4% from normal, with 79% emerged and 8 percentage points faster than normal. Condition ratings were down 1% to 65% gd/ex, with the Brugler500 index down 2 points to 367. Deterioration was noted in IN, down 9 points, with MO slipping 4, SD down 3, and ND 2 points lower, as well as weaker condition in other fringe southern states. Improvement was seen in MN (+6), NE (+3), IL (+3), and OH (+5).
The next week is looking at heavy precip totals in much of eastern KS, through IA, MI, IL, IN, WI, and IN of 1 to 3 inches. Spottier totals are seen in OH, with NE and the Dakotas seen as very light amounts.<... Read more
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