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Last week's NOPA crush report showed soyoil stocks sharply above expectations. EPA RIN data indicate January biodiesel output near 100 million gallons, down from about 185 million in December, as the blending tax credit expired.
Slowing biodiesel use cuts soybean oil demand, a bearish factor for SBO and a signal of weaker crush-derived oil supply demand into the new year.
pft.plus500.comDavid ZelinskiFeb 21, 2017After 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
