Soybean Meal Futures Market News and Commentary
An afternoon soy oil rally left BO prices triple digits higher at the close. BO prices were in the red at midday. Beans were also fractionally lower at midday, but ended the session 6 3/4 to 9 cents higher. Meal prices firmed for the close, ending UNCH in October and December contracts.
China’s Dalian markets were open on Wednesday. Dalian Soybean Prices had a wide ranged day, trading within 92 yuan/MT ($0.42/bu), but settled with a 5 yuan gain to 5,953/MT (~ $25.10/bu. The less active, but more import competitive Dalian No2 Soybean Prices came out of the holiday break with a 60 yuan pullback to 4,605/MT (~ $19.39/bu).
Ahead of the Export Sales data release, analysts are expecting to see between 0.5 and 1 MMT of soybean bookings. Soy meal estimates for 20/21 are for between 50k and 100k MT, with an additional 25k to 175k MT for NMY. Soy oil sales are estimated between 10k MT of net cancelations and net new sales for 20/21, with less than 10k MT booked for 21/22. Read more