Soybean Supplies Drop More than Expected During June   

Soybean oil futures were trading 29.30 cents per pound (December future contract) late in the day, poised to close at its highest level in a week. Price resistance is seen at 29.35.  NOPA released June crush data that showed soybean oil stocks at 1.778 billion pounds, down 5.4 percent from May but 16 percent higher than a year ago.  Analysts were expecting stocks to come in at 1.813 billion.  Stocks were slightly below expectations, helping to support prices.  

Soybean oil used as feedstock in domestic biodiesel production has averaged 53.6 percent of all feedstock used since 2016.  EIA feedstock use shows soybean oil has been running above the historical norm, averaging 57 percent of the feedstock consumed in 2020.  In the latest month, April, soybean oil was 63 percent of domestic feedstock mix.  Coincidently, domestic…