- Spot soybean oil futures broke 60 cents per pound for the first time since July 2022, closing last Friday at 59.06 cents.
S&D and fundamental factors
- A USDA attaché pegs Argentina’s 2022/23 soybean crop at 36 MMT, down nearly 20 percent from the recent estimate of 45.5 MMT.
Weather, macro indicators, and news
- Crude oil was under pressure all last week, falling nearly $6.50 per barrel to $73.25 per barrel. Mar-23 futures may test the early January low of $73.10 and early December low of $71.43 per barrel.
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