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Soybeans, soybean oil and meal rallied on August 24, with November soybeans up over 40 cents. Analyst Craig Turner attributes the move to tight new-crop stocks estimated at 150 million bushels and strong vegetable oil and biodiesel demand, while crude oil also rallied.
Tight new-crop carryout and biofuel-driven oil demand support soybean meal and oil prices, raising feed protein costs. Crude oil strength adds further support through biodiesel economics.
stonex.comCraig TurnerAug 24, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
