Soybean Oil (P) Futures PricesWed, Oct 1st, 2014
Latest Brugler Soybean Oil (P) Report
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Soybeans settled 3 1/2 to 4 1/4 higher. The USDA hike to 44 bpa for last years yield is reinforcing ideas that this year is 48 or higher given better growing conditions in 2014. Prices are seeing some support today with the frost/freeze risk areas expanding into parts of MN and the Dakotas for Saturday morning on the most aggressive models. There were zero deliveries vs. October meal futures, and only 259 vs. October bean oil. Trade estimates for Canadian canola production have risen to 14.5-14.6 MMT vs. the prior Stats Canada estimate of 13.9 MMT. Broker FC Stone raised its projected US soybean yield to 48.4 bpa, with production of 4.066 billion bushels.
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