# Soy oil price continues to slide

> 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.

- Date: 2023-11-06 · published 2023-11-06T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/15263-soy-oil-price-continues-to-slide
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- SBO: bearish ▼
- CANMEAL: neutral
- PALMOIL: neutral

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/soy-oil-price-continues-to-slide/

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