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USDA's Oil Crops Outlook raised its 2022-23 canola crush forecast to a record, lifting canola oil and meal output. Canola oil imports were revised up to a record 6.3 billion pounds, and USDA raised its soybean oil biofuel use estimate by 300 million pounds to 12.4 billion pounds.
Record crush adds canola meal supply, which is bearish for meal prices, while stronger biofuel demand for soybean oil supports vegetable oil prices.
grainjournal.comNov 28, 2023Not enough comparable past events yet for a historical read.
After 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.
