Jan-23 soybean oil futures dipped to $60 cents per pound early last week after two weeks of declines. Prices eventually rallied by about 3.0 to 3.5 cents per pound.
Soybean futures were volatile in daily trades, but Jan-23 futures only fell 3 cents per bushel to $14.80 this week.
S&D and fundamental factors
For the week ending Dec. 9, U.S. soybean sales were a huge 108.2 million bushels for 2022/23. Nearly 75 percent of the USDA export forecast of 2.045 billion bushels is already sold with a few more months to go before South American crops come online.
Weather, macro indicators, and news
Inflation in November was below expectations at 7.1 percent vs. expectations of 7.3 percent. Last Wednesday, the Federal Reserve raised rates by half a percent—as expected—and indicated that while inflation is slowing, rate hikes could continue in 2023.
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