Soybean Oil May '21 (ZLK21)
Soybean Oil Futures Market News and Commentary
Soybean futures closed the Friday session up 16 3/4 to 19 1/2 cents. The Feb 25 highs are still intact, but May closed at $14.30. New crop contracts closed at $12.92 1/4 for Sept and $12.47 1/4 for November. Soymeal futures recovered from triple digit midday losses and ended the session $1.30 to $190/ton higher. BO futures added approximately 12 1/2 cents of product value as the front months rallied triple digits to go into the weekend.
The weekly CoT report showed managed money was 155,561 contracts net long in soybeans on 3/2. That was down 16,803 contracts wk/wk via long liquidation. In Soymeal, managed money was 65,424 contracts net long, down 4,063. Bean oil spec funds liquidated longs on the week as well, leaving the group 108,081 contracts net long.
Monthly Census data showed 324.42 mbu of soybeans were shipped in January. That was an all time high for the month, and each month of the 2020/21 season has been a respective record. MYTD official soybean exports ar... Read more
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