Soybean oil prices were hit hard Friday, falling 2.20 to 2.80 cents per pound. Jan-23 futures closed at a two-week low of 62.82 cents per pound. Spot soybean oil (Oct-22) is now around 67 cents per pound.
S&D and fundamental factors
The U.S. soybean crop’s condition fell 1 point to 55 percent good to excellent as of Sep. 18. There are concerns that soybean yield may slip further from USDA’s current estimate of 50.5 bushels per acre due to a dry September and end to the pod-filling stage. Frost/freeze in North Dakota this week may have ended the growing season for some late-planted crops.
Weather, macro indicators, and news
The Fed announced another 75 -point increase to interest rates on Wednesday as anticipated—the third straight 75-point hike.
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