Soybean Meal Futures Market News and Commentary
Midday bean trading has futures a dime to 15 cents weaker. Soymeal sales are $7.50/ton lower. BO futures are down 29 to 34 points in the front months. Palm oil futures in Malaysia are lower for the fourth day in row after hitting 8 month highs. The weekly Export Sales report from USDA showed 3.195 MMT of beans were booked on the week ending 9/17. The trade was looking for 2-3 MMT with 1.609 MMT already announced. The report included an additional 565,100 MT of sales to China that were not part of the previous daily announcements. Total commitments to China are 54.14% of the total through the first 3 weeks of the MY. The report had 28.5k MT of 19/20 meal bookings, and 294.7k MT for 2020/21. Forward meal bookings are even with last year’s pace at 12.109 MMT. For soybean oil, USDA reported 20.4k MT booked for 2020/21 delivery. Current MY BO sales were 4,374 MT, which need shipped before October 1. Accumulated shipments are 1.19 MMT, up 50% yr/yr with 2 weeks of data left.
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