# Soybean oil at six-month lows - McKeany-Flavell

> 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.

- Date: 2023-02-06 · published 2023-02-06T12:00:00.000Z
- Category: market · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/37418-soybean-oil-at-six-month-lows-mckeany-flavell
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

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

## Sources

- mckeany-flavell.com: https://www.mckeany-flavell.com/soybean-oil-at-six-month-lows-02-06-23/

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