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Mar 8, 2024REPORTUS

USDA maintains forecast for soybean oil use in biofuel production, reduces forecast for soybean oil prices

USDA's March WASDE kept its forecast for soybean oil used in biofuel production unchanged. The agency lowered its forecast for soybean oil prices.

The article text is limited to the headline and byline.

WHY IT MATTERS

A lower USDA price forecast signals a softer soybean oil market despite steady biofuel demand, which weighs on oil prices and crush margins.

AFFECTSSoybean Oil▼

SOURCE
biomassmagazine.comMar 8, 2024

Price reaction & history

Soybean Oil▼bearishSO FAR1d -0.2%5d +3.6%20d +6.2%

After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.

Sep 12, 2022USDA lowers forecast for soybean oil use in biofuel production | Biomass Magazine+0.3%
Sep 13, 2021USDA reduces 2021-'22 forecast for soybean oil use in biofuel | Biodiesel Magazine-0.7%
Jan 10, 2025January WASDE reduces 2024-’25 forecast for soybean oil use in biofuel production | Biodiesel Magazine+7.6%
Aug 12, 2021USDA lowers forecasts for soybean oil use in biofuel | Biodiesel Magazine-2.3%
Apr 30, 2025US soybean oil consumption for RD production hits all-time low-1.6%

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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