Soybean Oil Futures Market News and Commentary
Front month soybean futures worked lower on Thursday initially, but afternoon strength left the board 12 1/2 to 20 1/4 cents higher for the day. Meal futures stayed in the black and ended with $7.20 to $8.80/ton gains. Front month soy oil prices weakened by triple digits on Thursday.
Weekly FAS data showed 96,892 MT of old crop soybeans were sold during the week that ended 8/11. That was as expected reflecting previously unknown sales switched to their actual destinations and light new business. USDA had total old crop commitments at 59.558 MMT (2.188 bbu), with 55.5 MMT (2.04 bbu) already shipped. For new crop, the weekly report had 1.302 MMT sold, compared to the largest estimate of 650k MT. Of that, 328k MT were previously announced to China, though they booked another 451k MT on top of it. Unknown and Mexico were also large buyers for the week. Total forward sales reached 17.045 MMT as of 8/11 - compared to 13.9 MMT at the same time last season.
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