Soybean Oil Mar '18 (ZLH18)
Soybean Oil Futures Market News and Commentary
Soybeans futures close Monday’s session fractionally lower in the nearby contracts. Soybean meal was 80 cents/ton lower, and soy oil closed 12 points higher. Trade ideas for soybean harvest progress were 37 to 40% ahead of the USDA crop progress report, with the actual percentage at 46%. The 5 year average pace is 64%. Soybean conditions were scored at 54% gd/ex, with the Brugler500 index at 345, both unch from last week. Soybean export inspections for the week ending 10/17 were released this morning. The report indicated shipments are 7.24% ahead of last year’s pace. Coming off of a 26.3% increase over last week, the 1.296 MMT of soybean exports brought the MYTD total to 6.458 MMT (237.3 mbu). The main destination for soybeans was China, with 207,445 MT (16%). Brazil’s soybean crop is 21% planted according to AgRural, even with the 5-year average. Other sources show 23%. NOV 19 Soybeans closed at $9.33 1/4, down 3/4 cents, JAN 19 Soybeans closed at $9.46 3/4, down 3/4 cents,... Read more
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