Soybean Oil (P) Futures PricesWed, Jul 23rd, 2014
Latest Brugler Soybean Oil (P) Report
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Soybean futures are trading around a nickel higher this morning. Funds were thought to be estimated net sellers of around 6,000 contracts of soybeans yesterday. The World Oilseed outlook raised the projected production of the seven major oilseeds from 488.4 MMT to 505 mmt for the 14/15 season. US soybean production was pegged at 101 MMT, up from the previous estimate of 91.4 MMT. China was said to have sold only 54,945 MT of the soybeans out of the 354,470 MT offered at its weekly government auction. Private exporters reported to the USDA export sales of 225K MT of soybean meal to unknown destinations for delivery in 2014/15 this morning. Another sale of soybean meal was reported for 2014/15 delivery on Tuesday this one to Vietnam, totaling 180K MT. USDA also reported an export sale for 20K MT of soybean oil slated for unknown destinations in 2014/15.
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