Soybean Oil Futures Market News and Commentary
Soybeans turned around from overnight weakness, as contracts closed the Tuesday session with 13 to 21 21 ½ cent gains. Product values were mixed as soybean meal was down $1.80/ton, and bean oil was 50 points in the July contract.
USDA pegged soybean planting pace in ND at only 2% planted, 22% below normal, with MN lagging by 36% at 11% complete. The 7-day QPF showed 1-2 inches of rains for much of the Midwest, from the ECB over to parts of IA, MN, and eastern ND. This may help to stall and already slow planting pace in parts of the country.
Jul 22 Soybeans closed at $16.78, up 21 1/2 cents,
Nearby Cash was $16.45 1/1, up 22 cents,
Aug 22 Soybeans closed at $16.24 1/4, up 17 cents,
Jan 23 Soybeans closed at $15.27 1/2, up 14 1/4 cents,
New Crop Cash was $14.80 1/2, up 13 7/8 cents,