Soybean Oil Jul '17 (ZLN17)
Price PerformanceSee More
|Period||Period Low||Period High||Performance|
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+0.97 (+3.02%)since 06/14/17
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+1.68 (+5.35%)since 04/13/17
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+1.06 (+3.31%)since 07/14/16
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Soybean futures are a sharp 13 to 14 cents in the green this morning in the nearby contracts. They were steady to 2 3/4 cents lower on Friday on profit taking ahead of the long weekend. Preliminary open interest shot up 24,703 contracts on Friday, net new selling concentrated in the May. March was up 3.92% last week. Soy meal futures were down 40 cents/ton on Friday after posting life of contract highs, with nearby soy oil 16 points lower. Nearby meal gained 8.58% on the week. Total commitments for US soybean exports are running behind pace at 78% of the USDA projection. The average for this date is 90%, with last year at 78%. Managed money spec traders flipped their net position for the week of 2/13. They added 52,847 contracts to their net long position to 42,869 contracts. AgRural also estimates that the Brazil's soybean crop is 17% harvested vs. 26% last year. The harvest in Mato Grosso was at 45% complete, with Parana only at 5% harvested.
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