Soybean Oil Futures Market News and Commentary
Following the Thursday bounce back, soybean futures are looking to trade red early on Friday. Front month soybean futures settled 12 1/2 to 20 1/4 cents higher on Thursday, with an assist from soybean meal. Preliminary open interest rose 4,234 contracts, suggesting some net new buying interest. Meal futures stayed in the black and ended with $7.20 to $8.80/ton gains. Front month soy oil prices weakened by triple digits on Thursday.
Weekly FAS data showed 96,892 MT of old crop soybeans were sold during the week that ended 8/11. USDA had total old crop commitments at 59.558 MMT (2.188 bbu), with 55.5 MMT (2.04 bbu) already shipped. For new crop, the weekly report had 1.302 MMT sold, compared to the largest estimate of 650k MT. Of that, 328k MT were previously announced to China. Total forward sales reached 17.045 MMT as of 8/11 - compared to 13.9 MMT at the same time last season.
For the products, the USDA reported 363,309 MT of meal and 1,583 MT of soy oil was sold. Fo... Read more