Soybean Oil Pit Aug '23 (BOQ23)
Soybean Oil (Pit) Futures Market News and Commentary
Soybeans are trading with 6 to 12 ¼ cents in most contracts at midday. The cmdtyView national average Cash Bean price was down 3 3/4 cents at $11.21 1/4. Soymeal futures are up 30, with Soy Oil futures 65 to 70 points lower.
Weekly Crop Progress data indicated 87% of the US soybean crop planted by Sunday, 7% faster than normal. Emergence was 8 percentage points ahead of average at 65%. Crop ratings were released this week, showing 66% of the US soybean crop in good or excellent condition, down 1% from the same week last year and below the 68% estimate. That translates to a 369 on the Brugler500 index, a 3-year low, and the 4th lowest initial rating in the last 13 years.
The 7-day forecast from NOAA shows ½ inches across much of the Western Corn Belt, west of the Mississippi River. East of that line is looking at less than an inches of rainfall.
NASS Fats & Oils data showed soybean crush during April at 218.4 mbu, coming in 3.7 mbu above the average trade estimate.... Read more
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