Yesterday’s mid-day GFS model run shifted towards the drier EU model with reduced probability of rain for Iowa, Illinois, Missouri and Minnesota. The forecast will change four more times before Sunday evening.
The USDA announced yesterday morning the sale of 197,000 metric tons of old crop soybeans to an unknown buyer.
Why was bean oil so strong yesterday?
China raised their vegetable oil import projections. That shot Malaysian palm oil futures up 3% as traders covered short positions (bought to offset earlier sales) ahead of several palm oil reports on Monday. Despite palm oil futures being up 3.25% Friday, the price of palm oil finished lower for the second consecutive week, but this week just 0.41% lower.