# SOYBEANS: Oil Probing for a Short-Term Low; El Nino Watch  — The Hightower Report

> 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.

- Date: 2023-05-16 · published 2023-05-16T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/36030-soybeans-oil-probing-for-a-short-term-low-el-nino-watch-the-hightower-report
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼
- PALMOIL: bullish ▲

## Sources

- hightowerreport.com: https://www.hightowerreport.com/blog/2023/5/soybeans-oil-probing-for-a-short-term-low-el-nino-watch

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