Soy oil is again working higher as the beans and meal fade through the midweek session. Beans are down by as much as 14 cents so far. Soymeal prices are 1.4% to 1.7% weaker. BO prices, however, are up by 32 to 40 points for midday.
NOPA members reported a 179.007 mbu crush for January. That was below the average trade guess going in, and was down 2% from Jan last year. Soy oil supplies were reported at 1.829b lbs, which was up from 1.79 billion in December.
Brazil’s Agroconsult lowered their production estimate from 153.4 to 153 MMT to match the USDA official forecast.
Mar 23 Soybeans are at $15.23, down 14 1/2 cents,
Nearby Cash is at $14.78 1/4, down 14 1/8 cents,
May 23 Soybeans are at $15.16 1/2, down 13 1/2 cents,
Jul 23 Soybeans are at $15.06 3/4, down 12 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. For more information please view the Barchart Disclosure Policy here.
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