# Soybean, soyoil futures soar on solid demand

> Soybean and soyoil futures rallied on June 9 after the WASDE report, with soybeans up about 1.75% and soyoil up more than 4%. Corn prices fell nearly 1% and CBOT wheat made moderate gains. Fund buying was noted in several contracts, and the market reacted to the USDA balance sheet data.

- Date: 2023-06-09 · published 2023-06-09T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/35447-soybean-soyoil-futures-soar-on-solid-demand
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Stronger soybean and soyoil prices raise the cost of soybean meal and oil inputs for feed formulators, while corn softness lowers grain costs. The wheat moves are small.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- CORN: bearish ▼
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2023-06-12 | 1 | +5.6% | 3.9 | Soyoil futures rallied more than 4% on June 9 after the WASDE with fund buying, which is the same momentum that carried into the 5.56% move ending June 12, though the dates differ by a trading session. |

## Sources

- feedstuffs.com: https://www.feedstuffs.com/agribusiness-news/soybean-soyoil-futures-soar-on-solid-demand

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.