Soybean prices starting day session with double digit losses. The Tuesday soybean session ended with the board fractionally mixed to 6 cents higher for the July contract. November soybeans held a $1.12/bu premium to Nov ’23 at the bell, but were a $1.75 discount to old crop July. Soybean meal futures ended the day with $2.80 to $4.60/ton recovery. Soybean oil prices were mostly higher on Tuesday, though broke for 13 to 35 point losses into the settle.
Indonesia is establishing a palm oil export quota that will ensure a minimum domestic supply but free up trapped surplus product. The Indonesian government is validating palm oil stocks that can determine and adjust the amount under the quota is set, but exporters can begin applying for permits.
APK-Inform estimated Ukraine’s 22/23 sunflower oil output at 5.3 MMT, compared to 9.2 MMT from 21/22.
Jul 22 Soybeans closed at $16.93, up 6 cents, currently down 16 1/2 cents
Nearby Cash was $16.62 1/4, up 5 3/8 cents,
Aug 22 Soybeans closed at $16.32 1/4, up 3 1/2 cents, currently down 14 cents
Nov 22 Soybeans closed at $15.17 1/2, down 1 1/4 cents, currently down 11 1/2 cents
New Crop Cash was $14.74 3/4, down 3/4 cent,
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