# Soybean oil futures succumb to late selling pressure - Fastmarkets

> US soybean oil futures ended mixed on July 28, 2023, as the August and September contracts gave up early gains after reports that a renewable diesel producer was selling a large part of its position due to operational issues or poor margins. Revised forecasts for short-lived Midwest heat also weighed on the front end, while deferred contracts finished slightly higher on crude oil strength and Black Sea supply worries.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/10704-soybean-oil-futures-succumb-to-late-selling-pressure-fastmarkets
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Forced liquidation by a large renewable diesel buyer removes demand support from soyoil futures, pressuring nearby prices. Deferred strength tied to crude and Black Sea risk limits the downside and keeps the curve supported.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2023-07-31 | 1 | -5.8% | -3.3 | Late selling on July 28 tied to a renewable diesel producer liquidating a large position (operational issues or poor margins) and easing Midwest heat forecasts pressured nearby soyoil, a demand and sentiment shock consistent with the sharp drop into July 31. |

## Sources

- fastmarkets.com: https://www.fastmarkets.com/insights/soybean-oil-futures-succumb-to-late-selling-pressure/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.