The nearby soybean futures were 3 ¼ to 4 ½ cents higher for a wobble back Wednesday. The Jan contract was red on the day with a 4 ½ cent loss on the day. The Soymeal futures were $0.70 to $2.10 higher across the front months on Wednesday. Soy oil futures were 31 to 34 points higher for the day.
Wire sources have Iran in the market for 200k MT of soymeal via international tender.
Monthly data from EIA showed soy oil use as a feedstock for fuel dropped from 1.207 billion lbs in Sep to 1.602b in October 23. That was a 6 month low draw for the feedstock, as its use for renewable diesel fell by 171 million to 416m and use for traditional biodiesel saw a 25m lb uptick to 645. Canola’s use in renewable diesel production fell by 4m lbs to 165m in October and Corn oil’s fell by 52 to 248 million. On net, total biodiesel production capacity was 2.079 billion gallons (+9m) and renewable diesel capacity was 3.587 billion (+153m).
The monthly NASS Fats & Oils report had the November soy crush as 200.07 mbu. That was slightly below the all time high in October due to one less day in the month, but was just the 2nd month ever above 200 mbu. NOPA members had already reported 189.04 mbu, leading analysts to expect 200. Soybean oil stocks as of Nov 30 were 1.162 billion lbs, compared to 1.062 billion in October. That was the first monthly build in 7 months.
Weekly Export Inspections data showed 961,694 MT (35.336 mbu) of soybeans was exported during the week that ended 12/28. That was a 156k MT drop for the week and was down 38% from the same week last year.
Jan 24 Soybeans closed at $12.69 1/2, down 4 1/2 cents,
Nearby Cash was $12.21 3/8, up 3 cents,
Mar 24 Soybeans closed at $12.77, up 3 1/2 cents,
May 24 Soybeans closed at $12.85, up 4 cents,
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