Soybean Oil Futures PricesThu, Oct 20th, 2016
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Soybean futures ended the day with losses of 5 3/4 to 6 cents in most contracts, despite strong export sales data published this morning. A higher US Dollar helped press Dec meal down $1.80, and Dec bean oil lost 35 points. USDA's weekly export sales report showed 2.008 MMT (73.82 mbu) sold in the week ending 10/13. Traders had been looking for 1.0 to 1.3 MMT of soybeans, 150,000 to 300,000 MT of bean meal, and 10,000 to 20,000 MT of new soybean oil bookings for the 2016/17 marketing year. Meal sales were a strong 398,000 MT, but soy oil bookings were only 300 MT because of a 4,100 reduction for Guatemala. Private exporters also reported to the USDA a sale of 192,000 MT of soybeans to unknown destinations.
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