Soybean Oil Futures Market News and Commentary
Soybean futures were mostly lower, but July ended the midweek 2 cents in the black. July futures saw a 21 3/4 cent range on Wednesday from -6 1/2 to +15 1/4. The other nearby futures were 2 to 3 cents lower at the close. Soybean meal prices ended the session with $1.90 to $4.20 losses, while soy oil bounced by 21 to 24 points.
Analysts are looking for USDA to report between 50k MT of net cancelations and 300k MT of net new sales for old crop beans in the weekly Export Sales report. New crop sales are expected to come in between 100k MT and 675k MT for the week that ended 5/18.
Estimates for soymeal export sales range 150k MT to 550k MT for the week, with less than 150k of it for 23/24 delivery. Traders expect less than 10k MT of soybean oil was sold during the week for both 22/23 and for 23/24.
Iran booked 260k MT of soymeal via international tender. ANEC reported Brazil’s May soymeal exports were on pace to reach 2.5 MMT for May. The soybean export is estimated... Read more