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December soybean oil futures have risen strongly since late September and look overbought according to DTN analyst Dana Mantini. Managed money funds hold a very large long position, the largest since March 2021, which raises correction risk.
Heavy speculative length and overbought momentum make a near-term pullback likely, though the bullish crush margin and renewable diesel demand keep the underlying trend intact for feed buyers tracking meal and oil spreads.
dtnpf.comDana MantiniNov 7, 2022Not 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.
