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CBOT Soy Oil Hold Prices After Consistent Rally

28 Sep 2020 10:07 am
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US soyoil futures followed palm oil’s rebound, regaining 1.4% by time of press on Friday after losing 7.7% during the prior four sessions, with the December contract changing hands at 32.86 ct/lb some 45 points up on the day. Nevertheless, the contract was set to close the week 6.5% lower – its second bearish week out of the past nine – and its largest weekly loss since February. Basis premiums for Argentine soyoil were mostly flat for their third straight session, with limited liquidity reported. November cargoes were valued at 3.60 ct/lb over December futures, equivalent to $804.75, up $11/mt on the day and down $35/mt on the week.

As per data compiled by cofeed, Soybean crush nationwide is estimated at 8.9M MT in September at current utilization rate, basically flat at 8.9M MT in the previous month and also far above 7.5M MT of the corresponding period last year. As of this week, soybean crush nationwide totals 90.2M MT in the soybean crop year of 2019/20 (from Oct 1st, 2019), up 5.6 M MT or 6.61% from 84.6M MT of the same period last year. With China soybean arrivals at full strength and crushing at record highs the soy oil and soymeal stocks in China is set to increase going forward. We expect demand for soy oil and soybean to remain lukewarm from Chinese counters for coming week.

Rise in rival palm oil prices has also kept sentiments flat for soy oil. We are expecting prices to remain range bound in CBOT soy oil prices towards 32.5-33.0 cents in coming few sessions, with positive bias.

NCDEX Ref Soy oil is likely to stay above positive in line with rise in corresponding price in CBOT Soy oil and BMD CPO prices. NCDEX Ref Soy oil prices for Oct 20 contract prices to trade in zone of 900/925 zone for next few sessions, with positive bias.


       
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