Soybean oil went down the daily limit and “locked” there in five contract months. “Locked” means there was no trading at limit down. Everybody wanted to sell, but no one wanted to buy and, so, no trades. There is a huge difference between “trading” at limit down and “locked” limit down.
Due to soybean oil closing down the daily price change limit yesterday, the entire soybean complex will have expanded limits today. Soybean limits are $1.50, soybean oil 7 cents a pound, and meal $45 a ton.
The US Senate defeated the seven days of leave measure for the railroad labor agreement, but did pass, by a wide margin, the resolution requiring both sides to accept the deal negotiated more than a month ago. If the President signs the legislation, there will be no legal railroad strike.