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CBOT soybean oil settled at $973/mt, up from $952/mt, while soybeans recovered to $411/mt on traders citing the Phillips 66 renewable diesel plant in Rodeo, California. Brazilian beans were trading at $413/mt and drawing buyer preference over Chicago beans, and Brazil's 2023 soybean exports rose about 29% year on year.
Strong renewable diesel demand supports soyoil, while Brazil's export competitiveness and larger flows cap Chicago soybean prices and US export sales.
vespertool.comGehrman KosenkovJan 24, 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.
