Wednesday’s soybean market is trading mixed so far, with soybean oil fading 52 points and meal rebounding at $1/ton. Beans are also mixed with fractional weakness in the back months and 24/25 contracts, but fractional to 2 ¾ cent gain Jan to July. The soy complex was mixed on Wednesday. Soy flour futures were the weak link, falling $3.60 to $8.40 over the previous months. Beans rose 1% on the day, helped by a strong soybean oil market. Advance open interest data shows ownership rotation, dropping just 369 contracts in a double-digit rally. Soybean Oil futures rebounded on Tuesday by 2.7% to 3.7%. January Crude Oil futures were 2% stronger during their Turnaround Tuesday, and are also running 1.75% higher through Wednesday.
StatsCan data showed Canadian canola crushing was 974k MT in October. Their seasonal total is 2,726 MMT, 17.9% ahead of last year. Canadian Canola Prices are $11 CAD stronger on the day.
Estimates ahead of StatsCan’s crop report show traders are looking to see a canola harvest of 18.3 MMT, compared to 17.4 last year and the USDA’s official 17.8 MMT figure. The full range of estimates collected by Reuters runs 17.2 to 19.7 MMT.
The EIA’s Monthly Energy Review on Tuesday showed that combined renewable diesel and biodiesel production hit a record 411 million gallons in August. That was up 6.5% from July and up 45% from a year ago. Production reached 85% of estimated capacity in August against 80% in July.
Jan 24 Soybeans closed at $13.46 1/2, up 16 3/4 cents, currently up 2 1/2 cents
Close Cash was $12.88 1/2, up 17 1/2 cents,
March 24 Soybeans closed at $13.64 3/4, up 16 1/2 cents, currently up 2 3/4 cents
24 May Soybeans closed at $13.78 1/4, up 16 1/2 cents, currently up 2 1/4 cents
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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