Mar-23 soybean oil futures were pressured by weaker crude oil prices, falling 0.90 cents per pound this week from 64.07 to 63.17.
S&D and fundamental factors
Just 8 percent of the Argentinian soybean crop is rated good to excellent, down 2 points from the week ending Dec 30. The current USDA crop forecast of 49.5 MMT will almost certainly be lowered in this week’s WASDE.
Weather, macro indicators, and news
The U.S. is now seeing some drought relief with several nearly countrywide precipitation events over the last four weeks. The West Coast and Southeast received heavy rain and mountain snow that looks to continue over the next week.
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.