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The USDA raised its estimates of soybean oil used in biofuel production for 2022-23 and 2023-24. The article text is limited to the headline and dateline.
Higher estimated biofuel use of soybean oil signals stronger domestic demand for soybean oil, which is supportive for soybean oil prices.
biodieselmagazine.comSep 12, 2024After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
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.
