Soybeans are trading another 3 to 4 cents in the red on Thursday morning, enough to leave the March contract at a net 25c loss for the week’s move. The nearby soybean futures were 3 ¼ to 4 ½ cents higher for a wobble back Wednesday. The thinly traded Jan contract was red on the day with a 4 ½ cent loss. 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.
There were zero deliveries overnight vs. January meal or bean oil futures. There were 319 contracts put out vs. January soybeans, as the SG Americas customers re-tendered. Bunge stopped 123 for the house account.
Monthly data from EIA showed soy oil use as a feedstock for biofuel dropped from 1.207 billion lbs in Sep to 1.602b in October 23. That was a 6 month low, with use for renewable diesel falling by 171 million to 416 million lbs. 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. Total biodiesel production capacity was 2.079 billion gallons (+9m) and renewable diesel capacity grew to 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. 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.
Jan 24 Soybeans closed at $12.69 1/2, down 4 1/2 cents, currently UNCH
Nearby Cash was $12.21 3/8, up 3 cents,
Mar 24 Soybeans closed at $12.77, up 3 1/2 cents, currently down 4 1/4 cents
May 24 Soybeans closed at $12.85, up 4 cents, currently down 4 1/4 cents
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