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Soybean oil futures have risen about 13% since August 16, when they hit a four-year low after a bearish USDA report. Cash soyoil prices have also climbed more than 3 cents per pound, even as basis values declined and the US harvest expanded.
Palm oil's sustained rally to two-year highs, driven by lower Indonesian and Malaysian output, is providing a price floor for soyoil. Global vegetable oil tightness supports soybean oil and related meal values.
world-grain.comCrystal FutrellNov 4, 2024Not 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.
Soybean oil futures rose about 13% from the August low, lifting competing vegetable oil and palm via spread linkage.
