Soybean Oil Futures Market News and Commentary
Beans were mixed on a firm session ahead of the FAS report. The front months were mixed within 1 ½ cents of UNCH for the close. November sits at a net 2c loss for the week’s move. Soymeal closed higher on the day, but remains just off the lowest prints since July ’22 as October is at a $7.20 loss for the week. Soybean Oil futures fell by triple digits on Wednesday.
Analysts estimate FAS will confirm between 400k and 900k MT of soybean sales for the week that ended 9/28. New crop bookings are figured below 50k MT. The meal sales are estimated to be 100k MT of net cancelations and 50k MT of net new sales for the 22/23 season, with 225k to 525k MT sold for new crop. BO bookings are figured +/-10k MT for old crop, and less than 10k MT for new crop.
Refinitiv estimated Malaysian palm oil output at 18.4 MMT for 22/23, with 50.7 MMT for Indonesia. The initial 23/24 outlook will be released in their next update.
Strategie Grains increased their Europe rapeseed production... Read more