Soybean Oil Futures Market News and Commentary
Ahead of the weekly Export Sales report, soybeans are trading 1 to 3 cents per bushel higher. Yesterday beans gained 5 1/2 to 8 cents. Preliminary open interest rose 13,827 contracts. Midweek meal prices closed at $378.8/ton for Dec, $373 for Jan and $364 for March. Bean oil was marked at 33.20 cents/lb at the close. Traders expect between 1.5 and 2.5 MMT of soybeans were sold in the week ending 10/15. For soymeal, traders anticipate between 100k and 350k MT sold. BO export sales are estimated to be less than 30,000 MT. CONAB has maintained their record large 2020/21 bean production estimates for Brazil, citing minimal to negligible effects of late planting.
--- provided by Brugler Marketing & Management