As of Tuesday’s midday trading, soybeans have gained 6 to 8 cents, with the cmdtyView national average cash bean price at $10.03 1/2, down 6 3/4 cents. Soymeal futures are $2.30 lower, while soy oil futures are up 125 points. This market activity follows new guidance from the Treasury on the 45Z tax credit, which has positively impacted bean oil prices.
The USDA’s latest Fats & Oils report revealed that 229.84 million bushels of soybeans were crushed in December, slightly below trade estimates but 4.24% higher than November and 5.59% year-over-year. Since the marketing year began in September, a total of 891.58 million bushels have been crushed, marking a 7.43% increase from the same timeframe last year. Additionally, EU soybean imports from July 1 to February 1 reached 7.29 million metric tons, a decline of 1.33 million metric tons compared to the previous year.
