Soybean Oil Futures PricesWed, Jan 28th, 2015
Latest Brugler Soybean Oil Report
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Soybean futures are currently down between 2 and 4 cents on the session after closing 9 to 9 3/4 lower on Turnaround Tuesday. USDA announced another 120,000 MT cancellation by China on Tuesday morning. In Guangdong province of China, the crush margin for North American and Brazilian soybeans is still about equal – in the red by about $15/ton. On Monday the Yuan traded 1.94% weaker than the limit of the reference rate at the Peoples Bank of China. A stronger dollar and weaker Yuan ultimately could hurt US competitiveness, but US soybean prices are still well below the cost of domestic Chinese beans. The US national cash price was at $9.33 3/4 on Monday night. That puts the national average basis at -49 3/4 cents, which is 16 1/2 cents weaker than it was a year ago. Turning to 2015 crops, CBO sees a jump from 83.7 million acres last year to 86 million this year, but projects a slight drop in the crop size due to a yield assumption of 45 bpa.
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