# W19: Soybean Oil Update

> 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.

- Date: 2023-05-18 · published 2023-05-18T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/36026-w19-soybean-oil-update
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

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.

## Read by commodity

- SBM: neutral
- SBO: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2024-12-27 | [W51 2024: Soybean Weekly Update](https://feedsoft.ai/events/11400-w51-2024-soybean-weekly-update.md) | -0.1% | +10.0% |
| SBO | 2023-09-01 | [W34: Sunflower Update](https://feedsoft.ai/events/34216-w34-sunflower-update.md) | -4.2% | -10.4% |
| SBO | 2023-07-21 | [W28: Sunflower Update](https://feedsoft.ai/events/35160-w28-sunflower-update.md) | +5.4% | -0.5% |
| SBO | 2024-08-14 | [Will CBOT Soybean Oil's Bearish Trend Persist?](https://feedsoft.ai/events/28880-will-cbot-soybean-oil-s-bearish-trend-persist.md) | -1.0% | +0.1% |
| SBO | 2023-02-10 | [US soybean and oil prices decline w-o-w following WASDE report](https://feedsoft.ai/events/37421-us-soybean-and-oil-prices-decline-w-o-w-following-wasde-report.md) | +3.0% | -0.4% |
| SBM | 2024-12-27 | [W51 2024: Soybean Weekly Update](https://feedsoft.ai/events/11400-w51-2024-soybean-weekly-update.md) | -1.5% | +0.2% |
| SBM | 2023-06-30 | [W25: Chicken Update](https://feedsoft.ai/events/35646-w25-chicken-update.md) | +1.6% | +11.9% |
| SBM | 2023-03-09 | [Soybean oil market waiting on EPA \| Baking Business](https://feedsoft.ai/events/15323-soybean-oil-market-waiting-on-epa-baking-business.md) | -3.6% | -9.1% |

## Sources

- tridge.com: https://www.tridge.com/weekly-product-updates/w19-soybean-oil-update

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