Soybean oil prices were choppy last week, with the spot market opening at 66.34 cents per pound Aug. 14, and trending towards 68 cents per pound as of Aug. 18’s threatening forecast. 

Spot and forward soybean futures contracts are currently in a tight range from $13.44 to $13.63 per bushel. Prices were relatively stable the week of Aug. 14 but, like soybean oil, appear to be trending higher. 

As U.S. grain prices have fallen throughout the last month, exports sales have begun to pick up. New-crop 2023/24 soybean sales were strong at 51.7 million bushels in the second week of August. More flash sales were reported last week, too. 

July crush was reported at 173 million bushels, up 8.2 million bushels vs. June. Crude soybean oil stocks were down 9.3 percent vs. last year at 1.53 billion pounds. 

The soybean crop saw a notable increase in crop ratings, up 5 points to 59 percent good to excellent as of Aug. 13 (58 percent this time last year). About 78 percent of the crop is in the pod setting stage. 

Global economic concerns continue to fester, which pressured crude oil prices in the second week of August. Prices were testing $85 per barrel to start the week but have since fallen back down to $80 per barrel, and forward contracts just below the $80 per barrel mark. 

The full version of this commentary appeared on our IQ platform Aug. 18, 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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