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Spot soybean oil futures broke 60 cents per pound for the first time since July 2022, closing at 59.06 cents last Friday. A USDA attaché pegged Argentina's 2022/23 soybean crop at 36 MMT, down nearly 20 percent from the recent estimate of 45.5 MMT.
Crude oil fell nearly $6.50 to $73.25 per barrel during the same week.
A sharp cut in Argentina's crop tightens soybean meal and oil supply, while weaker crude pressures the biofuel-linked oil complex. The net effect is mixed for soybean oil, but the Argentine cut is supportive for meal and beans.
mckeany-flavell.comEric ThorntonFeb 6, 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.
