Soybean Oil Jan '14 (ZLF14)
Soybean Oil Futures Market News and Commentary
Soybeans are trading with 2 to 5 ½ cent losses on Thursday morning. Futures closed the Wednesday session with contracts falling 10 to 16 ¾ cents. Open interest was down 8,142 contracts on Wednesday, mainly in the nearbys, with November up 4,479 contracts. There was just one delivery issued above May soybeans overnight. The cmdtyView national average Cash Bean price was down 16 1/2 cents at $11.27 1/2. Soymeal futures were down 30 cents to $3.10 in the front months on the session, with Soy Oil futures down 139 to 189 points at the close. Crude oil was the pressure factor, falling $6.06 on the day on easing US/Iran tensions.
Export Sales data will be published this morning, with traders looking for 200,000-500,000 MT in 2025/26 soybean sales, for the last week of April. New crop sales are seen 0-100,000 MT. Soybean meal sales are seen in a range of 150,000-450,000 MT, with bean oil bookings expected to total net reductions of 12,000 MT to net sales of 20,000 MT.
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