Most-active Dec-23 soybean oil futures pushed lower for a majority of the week of Oct. 23, hitting a low of 51.18 cents per pound during Oct. 27’s session before returning to mid-range values just over 52 cents.
Mar-24 soybean oil futures fell back just below 50 cents per pound on Oct. 24, for the first time since early June.
U.S. soybean export sales were good the week of Oct. 16 with 50.6 million bushels sold. Total commitments, however, are still well behind last year by some 29 percent. China has been an active buyer of U.S. soybeans as of late.
U.S. soybean harvest is past the three-fourths mark at 76 percent complete as of Oct. 22. Progress likely slowed this week due to rains for much of the Midwest.
Q3 U.S. GDP was higher than expectations at 4.9 percent and higher than the Q2 growth of 2.1 percent. Consumer spending is still very strong.
Crude oil prices slipped all week with the nearby future contract falling from $88 per barrel to below $85 per barrel as of this writing on Oct. 27. Crude oil stocks sit at 421.1 million barrels—the second lowest inventory level over the last ten years, for the week of Oct. 16.
The full version of this commentary appeared on our IQ platform Oct. 27, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers.Learn more about becoming a subscriber.
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