Soybean Oil (P) Futures PricesThu, May 21st, 2015
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Soybean futures settled mostly 1 to 3 cents lower on the session. Combined old and new crop export sales in the weekly USDA report this morning were smaller than published trade expectations. Old crop bookings were 165,500 MT, but new crop sales were just 77,500 MT. The new crop total did included 60,500 MT booked for unknown destinations. For soybean meal, fresh old crop sales totaled 103,000 MT, but new crop sales were a net reduction of 2000 MT, largely due to a Moroccan cancelation of 12,000 MT. Celeres now estimates the Brazilian crop at 94.7 MMT, which is 200,000 MT higher than the May estimate from the USDA. Celeres expects yields to be 5.3% better than last year.
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