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Soybean oil futures closed at 51.42 cents per pound on Oct. 31, extending declines from the July 24 peak of 65.58 cents.
Prices have retraced about two-thirds of the rally from the May low, and analyst Todd Hultman attributes weakness partly to softer renewable diesel use.
Falling soybean oil prices reduce the value of the oil share in crush, pressuring crush margins. Possible palm oil strength from El Niño could eventually support vegetable oil prices.
ukragroconsult.comNov 6, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
