Tighter soybean oil outlook
Monday, July 10, 2023 at 2:16:52 p.m. UTC
1. Soybean Oil Is strong because Malaysian palm oil production is expected to be less than expected. Plus, smaller USA soybean crop. This is a bullish factor for canola.
2. Speculators are still long soybeans and wheat. They are short corn. Corn was pushed below $5/bu which resulted in Lethbridge feedlots purchasing large volumes of corn.
3. Dutch government has collapsed. This adds more political uncertainty globally, as Holland is a 1st world country.
This week’s Action Item:
Canola looks as if it will try to hit 800 on the futures. This should give $18/ bu. This is a good place to make some sales.