**Please note, The Jacobsen will not publish a bulletin on Tuesday in observance of the U.S. July 4 holiday.**
U.S. soybean oil prices continued to rally on Monday, drawing ongoing strength from bullish planting projections and quarterly stock data from the USDA. On June 30, the agency said U.S. soybean stocks were down 18 percent on the year at the end of the second quarter. In addition, the USDA reported a five percent projected decline in the estimated soybean planting area for 2023. At 83.5 million acres, the figure was well below its March projection of 87.7 million acres and the average market estimate of 87.5 million acres.
Front-month August soybean oil futures in Chicago ended today’s trading at 63.67 cents per pound, up 197 basis points per pound, or 3.2 percent. Contracts at the back end of the curve were down three percent or more. The December soy oil contract lost 207 basis points per pound.
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