A sharp fall in crude oil on Nov. 4 pulled down Chicago soybean oil futures and South American soybean oil export prices.
Argentine and Brazilian export basis levels strengthened, partly offsetting the futures-driven decline, while Brazil’s premium over Argentina narrowed.
Lower crude prices reduce support for vegetable oils used in biodiesel and renewable diesel, pressuring soybean oil values. Firmer South American basis levels cushioned the decline in export prices.
After 40 past bearish macro events, Soybean Oil moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.