Soybean Futures Market News and Commentary
Soybean futures were back up after the drop on Tuesday. Beans closed 5 to 11 cents stronger, led by January. Jan beans are still a net 32 1/2 cents in the red for the week. Soymeal futures pulled back from their midday gains, but were still up $5.60 to $7.70 at the close. Soybean oil futures turned red in the afternoon, and closed 3 to 6 points weaker. CME Synthetic Soy Crush was firmer as meal’s recovery covered both the BO pullback and soybeans recovery, it was priced at $1.46 3/4 per bushel in the Jan crush.
The NASS Fats & Oils report showed 196.92 mbu of soybeans were processed during October. That was above the 195.6 mbu average estimate and an all time record. Those beans produced 4.284m tons of soymeal and 2.348b tons of soybean oil. That was also a record BO output since the report began in May of 2015, on a record 11.92 lb/bu yield. BO stocks were 2.386 billion lbs, which was above the 2.34b estimate and not surprising given the record oil yield.
Ahead of th... Read more