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CBOT Soy Oil Sees Marginal Gains Amid Positive NOPA Data and Crude Oil Surge

18 Jun 2024 9:16 am
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Mumbai, 18 June (Commoditiescontrol): CBOT July soy oil finished with marginal gains in near month contracts while far month contracts closed with losses. Most active July contract closed 0.05 cent higher at 43.73 cents per pound helped by positive NOPA data and strong gains in crude oil prices.

Chicago Board of Trade soybean futures fell sharply on Monday, as fund selling pressure seen on Friday continued to roll into a short holiday trading week, traders said. It ended down 22 cents at $11.57-3/4 a bushel.

CBOT July soymeal closed $8.10 lower at $360.30 per short ton.

According to trade sources, funds were net buyers of 1000 soyoil contracts and net sellers of 5500 soymeal contracts and 8500 soybeans contracts.

As per latest NOPA reprot U.S. soy crush set a May record at 183.625 million bushels, up 8.4% from April. Despite this, soyoil stocks fell 5.9% to 1.724 billion pounds. This rebound follows April's maintenance downtime, with significant increases in the eastern Midwest, Iowa, northern Plains, and Southwest regions.
The USDA reported export inspections of U.S. soybeans in the latest week at 334,237 metric tons, in line with trade expectations for 200,000 to 400,000 tons. The U.S. The Department of Agriculture is slated to issue weekly crop-progress data for U.S. corn and soybeans on Monday, and some analysts said they expect slight declines in good-excellent ratings. A monthly National Oilseed Processors Association (NOPA) report on Monday topped most trade estimates, and showed that the U.S. soy crush rebounded in May from a seven-month low the prior month as processors churned through more beans than any previous May on record.
ICE canola futures closed modestly lower on Monday, paring losses late in the session after a round of fund-driven selling tied to declines in allied U.S. soy futures pressed the benchmark November canola contract to its lowest in three months, traders said. July canola settled down 10 cents at $605.30 per metric ton, rebounding after a dip to $597.60, the contract's lowest since March 4.

BMD was closed due to
Eid-ul-Adha holiday.

Dalian's most-active soyoil contract was up 0.67%, while its palm oil contract gained 0.53%.
Euronext rapeseed futures dropped on Monday. The most active July futures contracts fell by 11 euro per metric ton to 457 euros per metric ton.

Soy oil prices managed to show some recovery, supported by firm crude oil prices and a positive NOPA report, which indicated a decline in stocks despite increased crushing in May in the US. However, the increased supply from South America moving forward is expected to put pressure on soy oil prices again. Nevertheless, the forecast of declining sunflower and rapeseed oil supply should limit the losses and help soy oil establish an important bottom in the coming days.

(By Commoditiescontrol Bureau; +91-9820130172)

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