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Soybean oil net short positioning reached a four-week high, and money managers' bullish soybean sentiment hit a five-month low. NOPA April crush came in at 173.2 million bushels, down 6.8% from March but a record for April.
Planting progressed to 49% as of May 14, ahead of last year and the 10-year average, while El Niño concerns emerged for Southeast Asia.
A soft crush pace and weak sentiment are bearish, while El Niño risk to Southeast Asian oilseed and palm supply offers some support. Crush data shapes the outlook for both soybean oil and meal supply.
hightowerreport.comResearchMay 16, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
