Soybean Meal Futures Market News and Commentary
The soymeal market rallied to new contract highs again on Friday, as the beans and soy oil dropped into the weekend. Soybean futures closed fractionally in the red for new crop, but 1 1/2 to 2 1/4 cents lower in old crop. Soybean oil futures faded by triple digits on the last trade day of the week. USDA saw the MN cash B100 market 15 cents higher through the week at $5.70/gal.
Commitment of Traders data will be delayed as announced.
USDA reported a private export sale for 132k MT of new crop soybeans to unknown destinations this morning.
The Buenos Aires Grains Exchange reported 46% of their soy crop was in poor or very poor condition, which is improved from 54% last week.
Brokerage StoneX revised their Brazilian soy production estimate as yields in Mato Grosso offset weaker production in the South. Their new forecast is for a 154.2 MMT crop, compared to 153.8 MMT in their prior projection. Brazil reported January’s soybean exports were 851,878 MT, down f... Read more