Soybean Oil Futures Market News and Commentary
At the close for the Wednesday session the soy complex was higher, led by BO. Soy oil futures were up triple digits for 1.91% to 2.28% gains. Soymeal futures closed $3.20 to $3 higher, with gains of as much as 0.8%. Beans were up double digits on Wednesday, led by old crop. Old crop soybeans closed 1.04% to 1.48% in the black, whereas new crop futures were up 0.94% to 1.02%.
Ahead of the weekly Export Sales report, traders are looking for soybean bookings to come in between net reductions of 100,000 MT to net purchases of 200k MT. New crop bookings are anticipated to be below 500k MT.
Ahead of Thursday’s NOPA crush report, analysts surveyed expect between 165 mbu and 189.6 mbu of soybeans were processed in March. The average of estimates is to see a 179.2 mbu crush, which would be down from 181.37 mbu crushed in March 2020 for just the second yr/yr decline for the season. The average estimate for BO stocks is 1.822b lbs.
May 21 Soybeans cl... Read more