May 24, 2010
CBOT soy futures rise globally
Refined soyoil futures in CBOT are expected to trade slightly higher due to improved buying at lower levels.
CBOT June Soyoil futures ended marginally lower at US$0.3696 per pound on Friday (May 21).
The National Oilseed Processors Association released its crush estimate for April this morning. The total came in at 131.7 million bushels, about five million bushels below trade expectations, and this weak demand data added to the negative tone in the complex.
The April crush rate is down from 149.627 in March and 134.115 in April 2009. Soyoil stocks were pegged at 2.811 billion pounds, up from 2.738 billion in March and 2.709 in April 2009.
