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Soybean oil futures broke key support and fell to levels not seen since early 2021, driven by bearish deliveries at first notice day. Weak export demand, a strong crush, and lower-than-expected renewable biodiesel demand are pressuring prices, with the next targets at 40 and 35 cents per pound.
Heavy deliveries and weaker biodiesel and export demand point to further soybean oil price downside, which also pressures canola oil.
stonex.comCraig TurnerApr 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.
Soybean oil broke key support on bearish deliveries and weak export and biodiesel demand, but it is dated Apr 30, a day after the move, so it more likely extends the selloff than explains the Apr 29 drop.
