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Chicago soybean oil futures are at three-year lows as US soyoil stocks have thinned substantially from normal levels. Higher US vegetable oil prices in 2022 encouraged imports of soyoil, which are partly filling the supply gap.
Tightening US soyoil stocks supported by imports can limit further downside in soyoil, but weak futures prices signal ample global vegetable oil supply, keeping the price outlook bearish for soy oil buyers.
reuters.comKaren BraunOct 18, 2023After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% 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.
