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USDA analysis reports US soybean oil prices rose by more than a third in early June while petroleum prices climbed 45% over the same period. Tight vegetable oil supplies from droughts in Canada and South America, the Russia-Ukraine conflict and trade restrictions are also cited as drivers.
Higher energy values set a price floor for vegetable oils and US industrial demand, including biodiesel, is forecast to rise sharply, supporting soybean oil and crush margins.
ofimagazine.comJun 28, 2022After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
