Soy complex contends with divergent market scenarios
The meal piece of the soy complex showed the greatest strength last week, with Jul-22 meal futures closing the week up $23 per short ton at $438.10. Conversely, soybean oil futures came under pressure, with the Jul-22 contract closing at $0.7379 per pound, down almost $0.06 per pound.
S&D and fundamental factors
U.S. soybeans were 88 percent planted as of the week ending Jun. 12, catching up with the five-year average. Emergence is at 70 percent nationally, but North Dakota is lagging last year’s pace considerably at 24 percent vs. 80 percent a year ago. South Dakota is also behind, at 55 percent emerged vs. 93 percent last year.
Weather, macro indicators, and news
Argentina will increase its biodiesel blend from 5 percent to 12 percent for 60 days. Beyond that, the blend will be fixed at 7.5 percent.
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