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Soybean oil futures fell sharply in the week to April 24 as nearby crude oil collapsed, with the May WTI contract dropping to -$37 per barrel. Soybean oil pushed toward $0.25 per pound, below recent support near $0.26.
Lower crude weakens the biodiesel margin that supports soybean oil demand, so reduced biodiesel usage could build soyoil stocks toward roughly 2.0 billion pounds and keep pressure on prices and basis.
mckeany-flavell.comNicole ThomasApr 27, 2020Not 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.
