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CBOT Soyoil Prices Climb Amid Tightened US Stocks and Rising Crude Oil

19 Jun 2024 9:05 am
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Mumbai, 19 June (Commoditiescontrol): CBOT July soyoil closed up 0.57 cents at 44.30 cents per pound, bolstered by firm soybean prices, lower U.S. soy oil stock estimates from NOPA, and the ongoing strength in crude oil prices.

Chicago Board of Trade soybean futures turned higher on Tuesday, reversing direction after a two-day slide, as investors tracked a heat wave moving across the eastern Corn Belt after the government reported a decline in U.S. crop ratings. It ended up 12-1/4 cents at $11.74 a bushel.

CBOT July soymeal closed $4.30 higher at $364.60 per short ton.

According to trade sources, funds were net buyers of 3000 soyoil contracts, 3000 soymeal contracts and 7000 soybeans contracts.

The National Oilseed Processors Association (NOPA) on Monday said its members crushed 183.625 million bushels of soybeans in May, up 8.4% from April and up 3.2% from the same month a year ago. The crush figure topped most trade estimates.

ICE canola futures closed higher on Tuesday on a mix of short-covering and bargain-buying a day after the most-active November contract fell to its lowest in more than three months, traders said.July canola settled up $4.10 at $609.40 per metric ton.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 44 ringgit, or 1.13%, to 3,927 ringgit ($834.47) a metric ton as of 0235 GMT. It gained 1.06% in overnight trade.

Dalian's most-active soyoil contract was up 0.87%, while its palm oil contract gained 1.08% on Tuesday.

Euronext rapeseed futures rose on Monday. The most active July futures contracts increased by 3 euro per metric ton to 460 euros per metric ton.

NOPA's lower soy oil stock estimate and firm crude oil prices are supporting the current recovery in soy oil prices. However, increased supply from South American markets and lower use of soy oil in biofuel feedstock are expected to put downward pressure on soy oil prices again. Nonetheless, the declining global supply of sunflower oil and rapeseed oil should limit any major decline in soy oil prices from current levels.
(By Commoditiescontrol Bureau; +91-9820130172)

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