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The USDA's December WASDE report kept its forecast for 2023-24 soybean oil use in biofuel unchanged. The article text available is brief and gives no further details.
An unchanged biofuel use forecast means no new demand signal for soybean oil from the report. Prices are unlikely to move on this alone.
biomassmagazine.comDec 8, 2023After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
