Soybean Meal Dec '19 (ZMZ19)
Soybean Meal Futures Market News and Commentary
Soybeans were lower on Tuesday, with front months down as much as 1 1/2 cents at the close. Soymeal futures were $1.10/ton higher, but March soybean oil futures fell 9 points. NOPA crushers used 176.94 mbu of soybeans in January. That was 1.2% higher than December’s crush, and 3% yr/yr for a new January record; the Jan crush is also an all-time high for any month. Soybean oil stocks were at 2.012 billion lbs at the end of January. That was a 14.5% increase over December, a 29.9% increase yr/yr, and the largest stocks since April of ’08. Soybean exports from this morning’s USDA Export Inspections report were 54.9% higher wk/wk to 992,294 MT. The week’s soybean exports were below the same week last year by 8.42%. Mexico was the top destination for the week’s soybeans with China a close second, collectively 42.33% of the week’s soybean shipments were to the two nations. Accumulated soybean exports are 1.039 bbu through the week ending 02/13, which is 18.75% above last year’s pace. Chin... Read more
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