Soybean Futures Market News and Commentary
After sharp 20+ cent losses to start Friday, soybeans bounced back to end the day down 11 1/4 to 13 3/4 cents. Soymeal futures also came back but stayed with $2 to $2.80/ton losses at the bell. Soybean oil futures ended the session with 150 to 185 point losses. Indications of a new COVID variant spreading in South Africa caused concern about another economic slowdown and thus less biofuel demand. USDA saw the average spot price for B100 biodiesel at $5.37/gallon during the week that ended 11/26, that compares to $5.49/gallon last week.
Weekly Export Sales data showed 1.564 MMT of soybeans were sold. That was on the high range of pre-report estimates, and was a 3-week high. Soybean exports during the week that ended 11/18 were 2.523 MMT, which was down 4% wk/wk and 7% yr/yr. Accumulated soybean exports were 18.8 MMT through 11/18, with 17.4 MMT of unshipped sales on the books. New crop sales sit at 18k MT.
USDA data showed 136,866 MT of soymeal was booked during the wee... Read more