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March soybean oil fell to 46.53 cents per pound on January 25, 2024, its lowest trade since May 31, 2023, after breaking its January low. Technical indicators and a weakening March/May spread point to continued bearish sentiment.
Traders cited reduced domestic demand from renewable diesel plants.
Softer soyoil prices reflect weaker biofuel and food demand, which lowers the value of crushing and can pressure soymeal supply economics. Technical breakdown suggests further downside if key support fails.
dtnpf.comCliff JamiesonJan 25, 2024Not 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.
Soyoil broke to its lowest level since May 2023 on Jan 25 amid weak renewable diesel demand, a technical and demand setup that likely fed the follow-through selling on Jan 29.
