Soybean Oil Futures PricesFri, Apr 28th, 2017
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Soybean futures were steady to fractionally higher on Thursday, with some back months 1/4 cent lower. May 17 soy meal was up 90 cents, with soy oil down 21 cents in the front month. Old crop bookings for the week of April 20 were 808,055 MT, outperforming traders’ expectations. They came in well above last week and ahead of the same week last year. New crop sales were a slow 72,317 MT. Soy meal sales were announced at 111,960 MT, 17.1% lower than last week and 46.6% behind the same week last year. Shipments for soy meal were 31.3% lower than last year at 170,576 MT. There was a net reduction of 1,978 MT for soy oil export sales from a partial cancelation by the Dominican Republic. Weekly shipments were back on track at 32,639 MT. World soybean production estimates by the IGC were raised 3 MMT to 348 MMT. There are reports that Brazilian exports could reach 10.9 MMT for April, which would be a record. Argentine soybean harvest is now 32.3% complete according to the BAGE, up from 16.3 last week.
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