Soybean Meal Futures Market News and Commentary
Going home on Wednesday front month soybean futures were 10 to 12 cents in the red for old crop and a penny to 4 3/4 cents lower in the new crop contracts. Soymeal also closed off the days’ lows with losses limited to $2.90/ton for the front months. Soy oil prices ended the midweek session 64 to 120 points in the red.
CME Synthetic Soy Crush spread on the board has weakened back to $1.22 for old crop and $1.97 for the Dec crush spread. That is down from +$2 levels seen in April on their formula. Formulas capturing better BO yields still have the crush near $2.30, but again well below $3-$3.50/bu on the board back in April.
Malaysian Palm Prices were higher on Wednesday, the July contract is sitting 10% off the 5/20 low but still 7% under the LoC high on 4/29 at 6,727 ringgits currently. Canadian Canola Prices are down 2.8% in the July contract, but is other wise firm near the 5/17 LoC high of $1,219 CAD/MT at $1,153 so far. The European Rapeseed Futures on the other... Read more