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Soybean oil traded sharply higher on stronger palm oil demand and prices, talk of lower U.S. soybean crush, and tight global vegetable oil supplies. Talk that the U.S. may use soyoil for jet fuel also supported the market.
Soymeal weakened on concern about lower Chinese demand and slower U.S. exports as Argentina's crop advances.
Lower crush expectations tighten soybean oil supply while soymeal faces weaker export demand, a split that supports oil prices and pressures meal values for feed buyers.
admis.comSteve FreedMar 23, 2021Not enough comparable past events yet for a historical read.
Not 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.
Reports soybean oil trading sharply higher on strong palm demand, tight global vegetable oil supplies, lower crush talk and possible jet fuel use, directly describing demand and supply drivers of the surge.
