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Biodiesel Magazine reports that USDA has lowered its forecasts for soybean oil used in biofuel production. The lower forecast reflects reduced expected use of soybean oil for biofuel.
A lower USDA estimate of biofuel use for soybean oil reduces the demand outlook, which is bearish for soybean oil prices and for soybean crush economics.
biodieselmagazine.comAug 12, 2021After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% 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.
