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USDA raised its estimate of soybean oil use in biofuel for the 2022-23 marketing year. The article gives no further figures in the provided text.
Higher biofuel use estimates signal stronger soybean oil demand, supporting oil prices and the crush margin for meal. The size of the revision determines how much it tightens the balance sheet.
biomassmagazine.comNov 28, 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.
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.
