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Soybean oil futures had bottomed at $0.4620/lb on May 31 and recovered to $0.6338 by September 15. USDA has raised its 2023/24 soyoil price forecast from $0.60 to $0.63/lb.
El Niño-driven drought in palm oil producing regions could lift vegetable oil prices, so buyers may want to consider forward coverage for 2024.
mktvsn.comSep 18, 2023After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% over 20.
After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% 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.
