Soybean Oil Futures Market News and Commentary
Soybean futures pulled back by 1/4 to 1 1/2 cents on the day with the stronger losses in Aug and Sept. Soymeal futures were $1.50 to $1.60 lower in the front months. Bean oil futures closed the day lower in August but higher in Sept and Oct. USDA announced a large export sale of 126,000 MT of new crop soybeans to China. Soybean export sales from the week ending July 30 were 1.750 MMT (64 million bushels) split 345k old crop and 1.405 MMT for new crop. Of the new crop sales, 43% were already known via daily announcements. Of the new crop bean sales, China purchased 34% of the week’s total and holds 57% of the cumulative total commitments. Soymeal sales on the week were 328,303 MT. That was 256% above the same week last year. The 2020/21 MY meal sales were 203,858 MT. Forward bookings ahead of 2020/21 are 28% below forward bookings last MY at 761,133 MT. Soybean oil sales were 35,407 MT, split 24.1k 2019/20 and 11.1k 2020/21.
Aug 20 Soybeans closed at $8.80 3/4, do... Read more