Soybean futures are mixed so far, as old crop gives back double digits but new crop prices are 3 to 4 cents higher. Meal futures are down $2.90 to $3.80/ton so far. USDA announced a large meal sale for 133,000 MT to the Philippines this morning. Soy oil losses have been limited to 7 points so far. Higher soy oil prices have hurt usage for biodiesel, with EIA showing November soy oil use for biodiesel dropping to 683 million pounds vs. 723 million in October. Trade estimates ahead of today’s Fats and Oils report average 193.9 mbu of beans for December crush. Soy oil stocks are estimated at 2.254b lbs, which would be a 136m lb increase from November if realized. USDA’s weekly Export Inspections report said 65.86 mbu of beans were shipped on the week ending 01/28. That was up 14.3 mbu from the same week in 19/20. Accumulated bean exports through the 28^th were 1.736 billion bushels via the weekly data. That is 77.3% above last year’s pace. Egypt is on the market for 30,000 MT of soy oil and 10k MT of sunflower oil. South Korea is also tendering for 60k MT of soymeal.

--- provided by Brugler Marketing & Management