Soybean Oil Sep '18 (ZLU18)
Soybean Oil Futures Market News and Commentary
Soybeans prices are 1 to 4 cents so far on Wednesday. Futures were in rally mode on Tuesday, with bean oil continuing to pull the market higher, up 6 ¾ to 9 1/4 cents on the beans. Open interest was down 2,142 contracts on Tuesday, mostly in the front months, with new crop November up 1,505 contracts. The cmdtyView national average Cash Bean price was up 9 1/4 cents at $11.11 3/4. Soymeal futures were down $2.10 to 20 cents higher on the day, with Soy Oil futures up 184 to 251 points in the front months.Â
D4 RIN values have reached their highest levels since late 2022, which is supporting the bean oil market via increased renewable demand for the feedstocks.
The weekly Crop Progress report from NASS showed the US soybean crop was pegged at 12% planted by April 19. That is well above the 5% average pace for this time of year and the 7% from last year. By state, just IA, MI, and WI were the only states below the average planting pace.Â
Planting progress is far from d... Read more
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