Soybean Oil Futures PricesWed, Apr 16th, 2014
Latest Brugler Soybean Oil Report
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Soybean futures are trading 7 to 17 cents higher after notching gains between 12 and 25 cents the previous session. Funds were estimated buyers of roughly 9,000 contracts of soybeans and 4,000 contracts of soy meal. Trader talk is that Argentine harvest is around 14% complete, which is behind the average pace for this time of year of 24% normal. Brazilian harvest is now thought to be 86% complete, with 60% of the crop believed to be sold by the producers. NOPA crush for March was 153.40 million bushels, about 7 million above the average trade guess. Soy oil stocks were a bearish 2.023 billion pounds but futures rallied anyway. Biodiesel use of soy oil has slowed significantly since the loss of the blend credit in December.
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