Soybean Rally Led by Bean Oil
The soybean market is posting 15 to 17 cent gains across the front months at midday. CmdtyView’s national front month Cash Bean price was down 17 1/2 cents at $9.74 3/4. Soymeal futures are down $1.00/ton at midday, with Soy Oil futures are up 223 points so far on the day.
The bean oil strength is coming as a coalition of biofuel and oil industry reps are expected to meet with the EPA today. They are expected to argue for higher mandates for biodiesel blending, upwards of 5.5-5.75 billion gallons. The current mandated volume is 3.35 billion gallons.
The monthly Fat & Oils report will be released this afternoon, with analysts looking of ~188.7 mbu of soybean crushed during February. Bean oil stocks are estimated to total 2.268 billion lbs.
StoneX trimmed their 2024/25 Brazilian soybean crop estimate by 0.8 MMT to 167.54 MMT. USDA is at 169 MMT. Brazil’s March soybean exports are estimated at 16.09 MMT according to ANEC, a 0.53 MMT increase from the previous week.
May 25 Soybeans are at $10.30 3/4, up 16 cents,
Nearby Cash is at $9.74 3/4, up 17 1/2 cents,
Jul 25 Soybeans are at $10.45 1/4, up 17 cents,
Nov 25 Soybeans are at $10.34 1/4, up 15 cents,
New Crop Cash is at $9.70 1/2, up 15 1/2 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.