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Soybeans Pulled Lower by Bean Oil Limit Losses![]() Soybeans are trading with 12 to 14 cent losses early on Thursday, with coming from 3 cent limit losses for bean oil. The soybean market again held onto some gains heading into the Wednesday close, as contracts were up 1 to 5 ¼ cents in most contracts. Preliminary open interest was up 12,047 contracts on Wednesday. May expired on Wednesday with 3 deliveries issued against the contracts, taking the monthly totals to 29. The cmdtyView Cash Bean price was up 5 cents to $10.27 3/4. Soymeal futures were down $1.30/ton on the day, with Soy Oil futures 52 to 72 points higher. There were another 13 deliveries against May meal as the contract expired on Wednesday, with the months total at 1,437. Bean oil deliveries totaled 10 for May on Wednesday, with 1,529 for the month. Bean oil is the pressure factor on Thursday morning, with wire reports of rumors of lower than expected RVO levels. EPA Administrator Lee Zeldin also indicated on Wednesday that setting the mandates can be expected in the coming months, later than the market expected. Crude oil losses is also adding pressure. USDA’s Export Sales report will be released on Thursday morning, with analysts surveyed by Reuters looking for 200,000 to 500,000 MT in 2024/25 bookings during the week of May 8. New crop business is estimated to show 350,000 to 500,000 MT. Soybean meal sales are expected to total 90,000 to 350,000 MT in that week, with bean oil seen 0 to 34,000 MT. Brazil’s soybean production estimate from CONAB shows a 0.47 MMT increase to 168.34 MMT. NOPA data will be released on Thursday morning, with traders looking for a total of 184.64 million bushels of soybeans crushed in April. That would be down 5.1% from a month ago but 9% above a year ago. Bean oil stocks are estimated to be reported at 1.412 billion lbs. The Rosario Grains Exchange raised their estimate for the Argentina soybean crop by 3 MMT from their prior estimate to 48.5 MMT. May 25 Soybeans closed at $10.67, down 1/4 cent, Nearby Cash was $10.27 3/4, up 5 cents, Jul 25 Soybeans closed at $10.77 3/4, up 5 1/4 cents, currently down 13 1/2 cents Nov 25 Soybeans closed at $10.61 1/4, up 1 3/4 cents, currently down 13 cents New Crop Cash was $9.98 1/4, up 2 cents, On the date of publication, Austin Schroeder 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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