Soybean Oil Futures Market News and Commentary
The soybean futures are working both directions within 5 cents of UNCH so far. The nearby contracts are fractionally to 1 ¼ cents in the black, while the deferred months are 4 ¼ cents weaker. Soymeal futures are bouncing through Wednesday, with a $4 recovery in October. Dec meal is up by 70 cents/ton. Soybean Oil futures are working with 56 to 62 point gains through midday.
Refinitiv estimated Malaysian palm oil output at 18.4 MMT for 22/23, with 50.7 MMT for Indonesia. The initial 23/24 outlook will be released in their next update.
Strategie Grains increased their Europe rapeseed production forecast by 600k MT to 19.5 MMT.
Nov 23 Soybeans are at $12.74, up 1 1/4 cents,
Nearby Cash is at $12.10 3/4, up 1 3/4 cents,
Jan 24 Soybeans are at $12.93 1/4, up 1 1/4 cents,
Mar 24 Soybeans are at $13.08 1/4, up 3/4 cent,On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securi... Read more