Front month soybean prices are 1 1/2 to 4 1/2 cents higher so far through midday. Meal prices are working lower for midday with $2.20 to $4.30/ton losses. BO futures are in the black with 57 to 144 points higher thus far. The crush margins remain strong, but since the EPA proposal have been rebalancing.Â
Our formulas suggest the board crush margin was $3.47 on 11/29 with $9/bu oil value and $9/bu meal value – less the beans. The current ratio is near $3/bu, with $7.90/bu oil value and $10.21/bu meal value. Historical margins on the board haven’t been above $2/bu on our formula, with the all time highs at $4 in late October. The CME Synthetic Soy Crush value is $2.45/bu for Jan and $1.70/bu for new crop.Â
Egypt reportedly purchased 30k MT of soy oil and 12k MT of sunflower oil via tender.Â
Jan 23 Soybeans  are at $15.08, up 1 1/2 cents,
Nearby Cash  is at $14.83 5/8, up 1 1/2 cents,
Mar 23 Soybeans  are at $15.15 3/4, up 1 1/2 cents,
May 23 Soybeans  are at $15.22 3/4, up 1 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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