Soybean Oil Futures Market News and Commentary
The soy complex is mixed so far at midday, with double digit gains for the beans. Soybean futures are 1.25% to 1.39% higher for old crop. New crop prices are nearly 1% higher so far. Soymeal futures are firm but in the red at midday. BO futures are up triple digits led by a 187 point gain for July.
USDA’s Ag Attaché reduced their forecast for Argentine soybeans by 2.5 MMT to 45 MMT. USDA’s official April forecast was 47.5 MMT. For NMY the Ag Attaché sees a 100,000 HA area increase dedicated for soy production. Compounded with back to trend yields, that sets the preliminary 21/22 estimate for Argentine bean production at 51.5 MMT.
USDA’s Ag Attaché sees an increase in EU oilseed (soy, canola, sunflower, and cottonseed) area for 21/22, up almost 100k HA to 10.982 million – mostly canola and sunflower. That would increase production to 29.97 MMT and reduce oilseed imports by 1.4% yr/yr to 22.46 MMT.
Trade estimates ahead of next Tuesday’s Stats... Read more