# Turner's Take Ag Marketing | Soybeans 40 Cents Higher

> 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.

- Date: 2021-08-24 · published 2021-08-24T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/45595-turner-s-take-ag-marketing-soybeans-40-cents-higher
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲
- WTI: bullish ▲

## Sources

- stonex.com: https://www.stonex.com/en/insights/turner-s-take-ag-marketing-soybeans-40-cents-higher/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.