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Post-report pressure on soybean, soy meal futures

Futures activity

Nov-21 soybean futures came under extreme pressure after Thursday’s Grain Stocks report, settling the week at $12.4650 per bushel, down 41 cents per pound from Monday.
Soybean meal futures also took a hit as the Dec-21 contract closed last week lower by over $13 per ton at $326.90 per ST.

S&D and fundamental factors

USDA provided a surprise in the Grain Stocks report after revising 2020/21 production higher by roughly 81 million bushels. Without any additional changes to the currently projected 2021/22 balance sheet, ending stocks now sit at around 256 million bushels.

Weather, macro indicators, and news

Nearby crude oil futures are trading above $75 per barrel and may support demand for biodiesel and soybean oil.

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Source: 123rf.com

Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.

By Nicole Thomas|October 4, 2021|Categories: Corn & Soy Complex, Edible Oils, Energy|Tags: biodiesel oil, crude oil futures, grain stocks report, soybean futures, soybean meal futures, soybean oil, USDA|0 Comments

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