Current soy trading shows the soy oil futures are firming back up with 54 to 61 point recovery, while beans and meal are pushing lower. The AM soybean board is 6c off the lows but still 2 ¾ to 4 cents weaker into Friday’s day session.
The front month Soybean Oil market led the drop for the Thursday soy market, closing 2.67% to 3% lower on the day. A sharp drop in the crude oil complex was a factor. Soybean prices were down by 1.5% to 1.8% with double digit losses all across the board. Jan futures printed a 34 cent range on the day. Preliminary open interest showed rotation of ownership, dropping only 1,140 contracts despite the big price movement. Soymeal futures closed the day down by 0.6% with $2.40 to $2.90/ton losses. Canadian Canola Prices also dropped dramatically on Thursday with 1.8% losses.
