Soybean Oil Pit Sep '18 (BOU18)
Soybean Oil (Pit) Futures Market News and Commentary
Soybeans are trading fractionally higher to a penny lower on Thursday morning. Futures closed with 4 ¼ to 12 cent losses across most contracts on Wednesday. Open interest was down 1,926 contracts, with 7,521 contracts exiting July and November up 3,842 contracts. The cmdtyView national average Cash Bean price was down 9 1/4 cents at $11.37 3/4. Soymeal futures were down a dime to $1.40 on the day, with Soy Oil futures 32 to 78 points lower. Crude oil losses of $5.07 is adding pressure as US and Iran negotiations are reportedly in the nearing the finish line.
Export sales data will be published by USDA this morning, as analysts are estimated to total 150,000 MT to 450,000 MT for 2025/26. New crop sales are seen at 0-200,000 MT. Soybean meal is expected at 200,000 to 600,000 MT, with bean oil in a range of net reductions of 5,000 MT to sales of 12,000 MT.
Abiove estimates the 2026 Brazilian soybean export total at 114.1 MMT, up 0.5 MMT from their previous number, with crus... Read more
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