◂ Event Timeline

Aug 11, 2023REPORTUS

USDA maintains forecast for 2023-'24 soybean oil use in biofuel

USDA kept its forecast for soybean oil used in biofuel for the 2023-24 marketing year. The report confirmed the existing outlook without a change.

WHY IT MATTERS

A steady USDA biofuel use forecast means no new demand shock for soybean oil. Prices are likely to be driven by other factors.

AFFECTSSoybean Oil◆

SOURCE
biodieselmagazine.comAug 11, 2023

Price reaction & history

Soybean Oil◆neutralSO FAR1d -0.2%5d +0.7%20d -6.4%

After 114 past neutral report events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.7% to +1.4%), and +0.5% over 20.

Feb 9, 2022USDA maintains forecast for 2021-'22 soybean oil use in biofuel | Biodiesel Magazine-0.1%
Oct 12, 2022USDA maintains forecast for soybean oil use in biofuel production | Biodiesel Magazine+0.8%
Apr 11, 2023USDA maintains forecast for soybean oil use in biofuel production | Biodiesel Magazine+0.5%
Dec 8, 2023WASDE maintains forecast for 2023-’24 soybean oil use in biofuel | Biomass Magazine-2.2%
Apr 11, 2024April WASDE maintains 2023-’24 forecast for soybean oil use in biofuel production | Biodiesel Magazine-5.2%

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.

Soybean Oil SBO · GP ▸

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