Bullish USDA Acreage Report Spikes Soybean Futures Complex
The rally continued for U.S. soy oil prices on Wednesday, as bullish data from the United States Department of Agriculture (USDA) drove fresh buying and short-covering across the soybean futures complex. Benchmark soybean oil crossed above 66.00 cents but gains were soon pared, and the contract settled more than 1 1/2 percent higher (July contract 101 basis points per pound). Deferred contracts saw larger gains in percentage terms (May 2022 contract +151 basis points per pound) due to the liquidation of bull spreads. As a result, the July 2021/July 2022 spread was down about 2 1/2 percent to 5.06 cents, while the July 2021/December 2021 spread fell 16 percent to 2.27 cents.
Out of the gate, soy oil futures followed the soybean market lower amid slightly more bearish weather forecasts for the Midwest growing region.
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