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Soybean oil futures rallied more than 6% on Friday January 10, with the March contract settling at $0.4558 per lb, its highest settlement in two months. The move followed a weaker dollar, firmer energy prices, and the USDA's January WASDE, which raised 2024/25 US soybean oil production and exports for a second month.
Partial 45Z tax credit guidance was also anticipated.
A larger export forecast combined with a smaller biofuel allocation tightens domestic supply, supporting soybean oil prices and feedstock demand for meal and oil buyers.
thejacobsen.comAlexandra WattsJan 10, 2025After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
