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Global soybean oil production for 2023/24 is forecast to fall from 59.8 MMT to 58.9 MMT, led by cuts in China, Argentina and the EU. Global exports are estimated to drop 1.3 MMT to 11.75 MMT, though Brazil's potential record soybean harvest is pressuring prices.
India also allowed duty-free soybean oil imports shipped before March 31 to enter until end-June.
Lower production forecasts are supportive, but a potential record Brazilian crop and weak export sales are dominating and pushing prices down. Expanded Indian import access adds some near-term demand.
tridge.comNur HameedMay 18, 2023After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
