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DTN analyst Dana Mantini says January soybean oil has fallen as much as 16 cents per pound since August despite a solid renewable diesel outlook. He notes soybean meal exports are at a record pace and that bean oil stocks fell to their lowest since 2021.
He sees a possible bullish reversal if prices close above 50.15 cents.
Technical signals and falling oil stocks point to a possible rebound in soybean oil, but the outcome depends on the November WASDE yield, so traders should watch for a turn higher.
dtnpf.comDana MantiniNov 6, 2023Not 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.
