Soybean Oil Jul '23 (ZLN23)
Soybean Oil Futures Market News and Commentary
Soybeans were mostly 1 to 3 cents lower, with August down 11 ¾ cents on the week. The cmdtyView national average Cash Bean rice was up a penny at $11.33 ¾. Soymeal futures were down $2.60, with August down $6 on the week. Bean oil was up 40 to 50 points, with bean oil up 98 cents on the week.
A private export sale of 238,000 MT of soybeans was reported to China this morning for 2026/27. Wire reports suggested Chinese buyers purchased 10 cargoes of US soybeans on Thursday.
Commitment of Traders data from Friday afternoon showed spec traders cutting back 29,535 contracts from their net long position in soybean futures and options in the week ending on August 4. The net long was 125,466 contracts by Tuesday.
A Reuters survey of traders shows expectations for NASS to peg US soybean yield at 52.9 bpa next Wednesday. Harvested acres are seen 163,000 acres higher than in the June report at 84.564 million acres, with production seen at 4.472 bbu.
USDA released the... Read more
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