Soybean oil prices trickled lower in the first half of the week of Oct. 9, with the H1 2024 strip touching around 51.75 cents per pound and hitting fresh four-month lows. Prices moved higher after WASDE and into the morning of Oct. 13 by about 1 penny per pound. 

Nov-23 soybean futures dropped to $12.5250 per bushel on Oct. 11 before rebounding to $12.9000 on Oct. 12’s WASDE day, which triggered a bit of profit-taking on Oct. 13, when the contract settled at $12.8025. 

Crude oil prices were volatile this week as the market attempts to digest the geopolitical impact of the Hamas/Israel violence. Nearby crude oil futures bounced between 82 and 86 cents per barrel. 

Palm oil prices were under pressure in the first half of the week with Q1 2024 futures strip at $768 per MT—approaching the late May/June lows of $735 to $740 per MT. 

Planting in Brazil is progressing: soybeans, 10 percent and first-crop corn 37 percent planted. Argentina’s continued dryness has slowed corn planting, 14 percent in the ground vs. 21 percent average. The next two weeks will be critical to get corn planted before switching to soybeans. 

The full version of this commentary appeared on our IQ platform Oct. 13, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers. Learn more about becoming a subscriber.

Posted by: Information Services
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