Soybean Oil Futures PricesWed, Oct 1st, 2014
Latest Brugler Soybean Oil Report
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Soybeans are currently a couple cents lower after double digit losses on Turnaround Tuesday. A brief short covering rally yesterday was stirred up by 2013/14 ending stocks, which came in at only 92 mbu, but we are past that supply crisis and attention is now focused on the Oct 10 production report. USDA hiked old crop 2013 production by 69 million bushels to resolve a negative residual in the S&D balance sheet. Adjustments will be made to the other use categories, and probably to imports as well, in the October 10 WASDE report. The hike to 44 bpa for last years yield is reinforcing ideas that this year is 48 or higher given better growing conditions in 2014. There were zero deliveries vs. October meal futures, and only 259 vs. October bean oil.
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