Palm Oil Prices Sink after MPOB; SBO Moves Off Lows before WASDE

Palm Oil Prices Sink after MPOB; SBO Moves Off Lows before WASDE

U.S. soybean oil futures in Chicago ended down slightly but well off the day’s lows, as market participants squared positions before the USDA’s September World Agricultural Supply and Demand Estimates (WASDE). The report, slated for release at noon on Tuesday, is expected to show a cut in U.S. 2023/24 soybean ending stocks, yield, and production estimates due to hot and dry conditions in August in major U.S. growing regions. U.S. soybean ending stocks are projected to come in at an average of 209 million bushels, down 36 million bushels from August’s projection. Soybean yields are expected to have dropped from 50.9 to 50.1 bushels per acre.

On the CME, nearby October soybean oil futures ended at 61.34 cents per pound on Monday, down 12 basis points per pound or 0.2 percent. Benchmark December bean oil futures ended unchanged at 60.50 basis points per pound.

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

04.16.2024

RIN dashboard

RIN dashboard

Reviewing the RIN dashboard ahead of the March EMTS release. The most recent Energy Information Administration (EIA) energy outlook and the Environmental Protection Agency (EPA) RIN production data provides...

04.16.2024

Cash SBO market weighs on DCO market

Cash SBO market weighs on DCO market

It was an active day in the distiller’s corn oil (DCO) market on Tuesday with pressure from the cash soybean oil market weighing on FOB truck values. Trading was broadly...

04.16.2024

MBM and BM mixed to softer on lower demand

MBM and BM mixed to softer on lower demand

For Tuesday April 16, animal proteins were mixed with most market sources indicating pressure on meat and bonemeal (MBM) and bloodmeal (BM). Market sources indicated mixed demand on MBM...

Latest Tweets