Soybean Oil Futures Market News and Commentary
Front month soy futures ended the Friday session with losses of 19 1/2 cents to 28 1/2 cents. November soybeans only had one red candle, but traded with a 55 1/2 cent range and a net loss of 2 1/2 cents from Friday to Friday. Soymeal prices were also red going into the weekend ending the session $3.90 to $5.40/ton weaker. BO futures were down by triple digits for most of the session and went home with 111 to 180 point losses. Friday was FND, with 6 meal contracts put out, 1 soy oil contract and no beans. The oldest dated August soybean long is 12/17.
Analysts surveyed ahead of the USDA Fats and Oils report expect June’s soy crush at 162.1 mbu. NOPA members reported a 2-yr low 152.4 mbu crush in June. Soybean oil stocks are estimated between 1.97 and 2.015 for a 1.994 b lb average.
The CoT report with data as of 7/27 showed soybean spec traders trimming their net long as long liquidation outweighed the short covering. The lighter managed money OI left the group 1,823 c... Read more