Soybean Oil Futures Market News and Commentary
So far, soy futures are weaker after a 4 day bounce. Beans are UNCH to 5 3/4 cents lower so far. Soybeans gained double digits on Wednesday. Nov was up the most with a 1.08% gain of 15 3/4 cents. Open interest continues to shrink for beans, down 12,365 contracts on Wednesday. All of that was in July, however. Soymeal futures were $7.80 to $9.60 higher on the day. Soybean oil prices ended the day with 35 to 51 point gains. Today is FND for July futures and the market will be closed on Monday for the Independence Day holiday.
Analysts surveyed ahead of the NASS data expect on average soybean stocks will be 954 mbu. That would be a 24% increase yr/yr if realized. The full range of estimates is to see between 740 mbu and 1.1 bbu in the report. For acreage, trader responses ranged from a 1.76m acre cut March to June to a 1.42m acre bump. The average trade guess is to see 90.6m acres of 22/23 soybeans were planted.
Pre-report export sales estimates are looking for old crop s... Read more