Soybean oil prices continued to drift lower over last week, breaking below 50 cents per pound on Q4 2023 and 2024 futures for the first time in nearly two years.

Since late November, spot soybean oil prices have fallen 25 cents per pound.

Some 11.4 million bushels of soybeans were sold for 2022/23 export last week. China canceled over 20 million bushels of corn purchases in the last two weeks.

Soybean plantings are ahead of the five-year average for this week: 9 percent planted vs. the average of 4 percent. Good progress was noted in the south (Mississippi, Missouri, Arkansas) and should continue there, but weather through the second week of May is not forecast as favorable for planting in the northern Plains.

Good rains fell in the driest parts of Kansas and Oklahoma last week, totaling 1 to 3 inches, leading to falling wheat prices and spillover pressure on the soy complex.

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Posted by: Information Services
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