Spot soybean oil (Jul-23 futures) continued to rally, up nearly 14 cents over the last two weeks. Nov-23 soybean futures are up $1.38 per bushel this week, the highest since mid-March.

Soybean exports reached 5.2 million bushels last week, total shipments are on pace to be down 7 percent YOY.

Soybeans are now 86 percent emerged as of last Monday’s update. Crop ratings continue to fall, down 3 percent in the good to excellent category to now 59 percent.

NOPA crush for May was a record at 177.9 million bushels.

57 percent of the corn crop is now in some level of drought, and 51 percent of soybeans, up 12 percent from the previous week.

The Bungee acquisition of Viterra was officially announced this week with a price tag of $8.2 billion and is expected to be concluded in mid-2024.

The full version of this commentary appeared on our IQ platform Jun. 16, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers. Learn more about becoming a subscriber.

Posted by: Information Services
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