After a turnaround Wednesday, soy futures are back to trading lower on Thursday. The front month bean futures are down by 4 ¾ to 8 ¾ cents, with March 3c off the session low. Soymeal futures are currently $1.80 to $2.70 lower. Soy oil futures are working with midday losses of as much as 40 points.
An Indiana soy crush facility under Bunge is temporarily offline due to damaged gas lines.
Weekly soybean export bookings are estimated between 500k MT and 1.3 MMT for the week that ended 12/28. Traders are looking for soymeal sales to come in between 50k MT and 400k MT. The week’s soy oil bookings are expected to be below 10k MT.
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 are at $12.62, down 7 1/2 cents,
Nearby Cash is at $12.12, down 9 3/8 cents,
Mar 24 Soybeans are at $12.67 1/4, down 9 3/4 cents,
May 24 Soybeans are at $12.76 1/2, down 8 1/2 cents,
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