Soybeans Get Strength from Bean Oil Gains

By Austin Schroeder

Soybeans posted 4 to 5 ½ cent gains on Tuesday. The cmdtyView national average Cash Bean price was 4 3/4 cents higher at $10.00 1/2. Soymeal futures were $1.40 to $2.60 lower, with Soy Oil futures up 102 to 129 points.

The Treasury issued guidance on the 45Z tax credit this morning, adding some premium to bean oil and lessening some uncertainty. 

USDA’s monthly Fats & Oils report from Monday afternoon showed a total of 229.84 million bushels of soybeans crushed in December, shy of trade estimates. That was still 4.24% above November and 5.59% larger yr/yr. Marketing year crush since September has totaled 891.58 million bushels, which is up 7.43% from the same period last year.