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FOB soybean oil cash prices in South America fell below $1,000/mt to a more than two-year low, with Argentine and Brazilian May cargoes assessed near $988/mt on March 22. Prices are down about 20% so far in 2023 as CBOT futures lost 15%.
Weak demand from China and India and a record Brazilian crop weighed on the market despite Argentina's drought losses.
Lower South American soyoil values reduce the cost of edible oil and feed-related fats, while very weak basis levels signal ample export supply. Bearish pressure on soybean oil also weakens crush economics, which can shift value toward soybean meal.
ukragroconsult.comMar 28, 2023Not 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.
