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US soybean oil demand from the renewable fuel sector hit a record in June, according to EIA data, as renewable diesel output kept rising. The data points to continued strong use of soybean feedstock by biofuel producers.
Rising renewable diesel feedstock demand supports soybean oil prices and draws oil away from food and feed uses, which tightens the soybean crush balance.
qcintel.comSep 1, 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.
