Soybean Oil Dec '22 (ZLZ22)
Soybean Oil Futures Market News and Commentary
Front month soybean futures are in the black for midday, bouncing back 6 to 12 cents after the sharp post report drop on Friday. Soymeal prices are lower by as much as $1.40/ton thus far for Monday. BO futures are working 114 to 186 points higher through midday.
USDA announced a private export sale for 110,000 MT of soybeans to unknown destinations this morning.
Weekly Inspections data showed 575,220 MT of soybeans were shipped during the week that ended 9/29. That was up from 291k MT last week, but down 274,336 MT (33%) from the same week last year. Germany, Algeria, and Mexico were the week’s top destinations. Accumulated exports reached 1.781 MMT through 9/29, compared to 1.84 MMT last season.
Analysts expect the August soy crush was 175.6 mbu. NASS will release the Fats and Oils data after the close.
NASS data showed September soybean stocks were 274 mbu carried into the 22/23 season. That compares to the average trade guess of 242 and last season’s 25... Read more
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