Bullish impulses in soybean oil

After selling off on Tuesday, soybeans rose slightly again yesterday. The most traded November date closed 3.25 US cents higher at 1,349.75 US cents/bu (462.12 euros/t). Soybean meal, on the other hand, fell yesterday across all tradable months. The October date lost $2.50 to $395.90/short ton and therefore costs the equivalent of 405.79 euros/t. The decline in soybean meal prices on the CBoT is also reflected on the local cash markets. Before the trading session, the beans started the day yesterday with losses, but were able to move into the profit zone over the course of the day. The prices were supported primarily by significantly rising soybean oil prices. Since lower soybean oil production is expected, but consumption is still considered to be above average, especially from the fuel industry, it increased significantly yesterday. Even though the USDA did not reduce soybean production in the WADE report as significantly as had been expected, many participants expect a further correction in the crop. High temperatures are also forecast in the next few days and traders are therefore expecting further losses in yield. Premarket soybeans on the CBoT are showing marginal losses this morning.

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