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Brazilian soybean oil basis for December shipment was assessed at 12.5 cents per pound under CME futures on October 24, about 350 points weaker than mid-October. Buyers picked up at least 13,000 tonnes at discounts of 12.3 to 12.4 cents per pound as Argentine soyoil exports slowed.
Brazilian exports are rising to fill the gap.
Reduced Argentine crush and export supply is pushing destination buyers toward Brazilian soyoil, which supports Brazilian export demand and firms soyoil basis.
fastmarkets.comLiliana MintonOct 25, 2022After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
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.
