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CBOT soybean oil rose to about $1,136/t on November 13 from $1,120/t a week earlier. The WASDE showed US 2022/23 soybean oil ending stocks falling to 1,602 million pounds from 1,761 million, with biofuel use raised to 12,400 million pounds.
Argentine forward prices also rose on low farmer selling and firmer Brazilian domestic prices.
Lower US ending stocks and higher biofuel use support soybean oil prices, and firmer Argentine offers suggest tighter export supply.
vespertool.comGehrman KosenkovNov 14, 2023After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
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.
