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CHS says U.S. soybean oil and meal demand should stay strong into the 2024 harvest. USDA estimates 2.3 billion bushels crushed in 2023-24, with crush expected to rise 6% in 2024-25 as the industry expands to meet renewable diesel demand.
Expanding crush capacity supports soybean and soybean meal demand, and renewable diesel-driven soy oil use underpins crush margins and soybean prices.
chsinc.comAug 13, 2024After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
After 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.
