Soybean Oil Futures PricesWed, Jun 29th, 2016
Latest Brugler Soybean Oil Report
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Soybean futures are 6 to 8 cents lower after ending Tuesday mostly 15 to 17 1/2 cents higher with July posting a range that was twice as big. November 16 beans found support at $11 even, and are around $11.12 this morning. The rally was mostly short covering, with preliminary OI down -20862 contracts. Meal open interest dropped 2,769 contracts. July bean meal futures posted separate gains of $8.40 each during two consecutive sessions. Weekly Crop conditions slipped another point on our Brugler500 Index, but with only 9% of the national crop blooming as of Sunday night, it is still early. The ND crop is off to an exceptional start as it has 19% blooming when it would normally have only 3% by this week. AR, LA, and MI are each well ahead of their respective 5yr averages, with AR out in front: 21 points ahead of normal.
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