# South American soybean oil hits more than 3-year lows amid sluggish demand, lower futures

> South American soybean oil spot prices fell below $800/mt for the first time since September 2020, with Argentine and Brazilian FOB levels down 6.7% and 8.4% year-to-date. The decline tracks lower CBOT futures and weak biofuel demand, as cheaper competing feedstocks and a sharp fall in D4 RIN prices reduce soybean oil's subsidy.

- Date: 2024-02-05 · published 2024-02-05T12:00:00.000Z
- Category: market · region South America · magnitude medium
- Page: https://feedsoft.ai/events/15241-south-american-soybean-oil-hits-more-than-3-year-lows-amid-sluggish-demand
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Weaker biofuel demand and cheaper competing feedstocks push soybean oil prices lower, weighing on vegetable oil and soybean complex values.

## Read by commodity

- SBO: bearish ▼
- SOY: bearish ▼
- PALMOIL: bearish ▼

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/south-american-soybean-oil-hits-more-than-3-year-lows-amid-sluggish-demand-lower-futures/
- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/020524-south-american-soybean-oil-hits-more-than-3-year-lows-amid-sluggish-demand-lower-futures

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