# Canada Know-Risk Market Outlook | Soybean Oil Breaks on Deliveries

> 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.

- Date: 2024-04-30 · published 2024-04-30T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/30820-canada-know-risk-market-outlook-soybean-oil-breaks-on-deliveries
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Feeder Cattle](https://feedsoft.ai/c/FCATTLE.md)

## Why it matters

Heavy deliveries and weaker biodiesel and export demand point to further soybean oil price downside, which also pressures canola oil.

## Read by commodity

- SBO: bearish ▼
- CANMEAL: bearish ▼
- FCATTLE: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-04-29 | 1 | -2.9% | -3.3 | 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. |

## Sources

- stonex.com: https://www.stonex.com/en/insights/canada-know-risk-market-outlook-soybean-oil-breaks-on-deliveries-1494302/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.