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USDA's Fats and Oils report showed crude soybean oil production rose 3% on the month in September to 2.077 billion pounds. A DOE report showed 1.197 billion pounds of soybean oil were used for biofuels in August, with the June-August average up 37% from last year, driven by renewable diesel growth.
Strong biofuel demand for soybean oil tightens the vegetable oil complex, supporting oil prices and the soybean meal byproduct balance. Competition from imports and other feedstocks is limiting further gains.
dtnpf.comTodd HultmanNov 3, 2023After 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.
After 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.
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.
