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Soybean futures fell 15 to 20 cents on Tuesday, with soybean oil dropping sharply to new contract lows and soymeal lower. EIA data showed February soybean oil use in biodiesel at 888 million lbs, the lowest monthly total since December 2022, while tallow and yellow grease inclusion rose.
Lower soybean oil use in biodiesel and rising use of cheaper feedstocks weigh on soybean oil demand and pressure the crush margin, pushing soybean and product prices down.
ibestmedia.comApr 30, 2024Not 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.
