Soybean Oil Futures Market News and Commentary
So far soybeans are up by 3/4 to 3 cents with August up the most ahead of Friday’s expiration. CmdtyView’s national average soybean cash price is $8.24 3/4 today, for a basis of 54.75 cents under August. In the WCB, cmdtyView data suggest the cash price is 40 cents below the ECB bean price at $8.19 /bu. Meal futures are gaining $1.20 to $2.40/ton at midday. Bean oil futures are down by 3 to 12 points in the front months. USDA announced the sale of 132,000 MT of new crop soybeans to China. The Crop Progress report last night showed that 75% of new crop beans were setting pods. That was up from 59% last week, and was 7% ahead of average. Condition ratings improved on the week, up 4 points on the Brugler500 index to 385. CONAB lowered their soybean production estimate slightly to 120.883 MMT. USDA’s estimate for Brazil is 126 MMT, but analysts expect a 0.6 MMT cut tomorrow.
Aug 20 Soybeans are at $8.79 1/2, up 3 cents,
Sep 20 Soybeans are at $8.72, up 2 c... Read more