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Argentine soybean oil premiums have surged since early October to among the highest levels Fastmarkets has recorded since 2018, now above US Gulf bases on an FOB basis. Farmers are holding back sales, with 59% of the 2023-24 crop sold versus a 70% five-year average, while Indian buying after India's September duty hike is also cited.
Argentine oil premiums above US levels could pull export demand toward Argentine supply and tighten nearby soyoil availability, supporting soybean oil and crush-related prices.
fastmarkets.comEduardo Tinti, Leticia PakulskiOct 23, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
