Soybean oil prices saw plenty of lift last week, with Dec-22 futures rallying 4.5 cents per pound back up to 66.60 cents per pound. The H1 2023 futures strip average is near 63.75 cents per pound.
S&D and fundamental factors
OPEC+ announced plans last week to cut November oil production by 2 million barrels per day (bpd)—effectively a cut of around 1 million bpd since the group has been below the current target level. Crude oil prices rallied $12 per barrel last week to near $98 per barrel on Friday.
Weather, macro indicators, and news
Friday’s jobs report was a bit better than anticipated, with 263,000 added jobs in September and unemployment slipping from 3.7 percent to 3.5 percent. Both strong numbers suggest that the Federal Reserve may further raise rates to cool the economy.
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