Spot soybean oil futures also moved off five-month lows from $0.5578 cents per pound to $0.5629 per pound as of close Friday. Prices this time last year were near 35 cents per pound.
S&D and fundamental factors
August NOPA soybean crush came in above expectations at 158.8 million bushels and completes the 2020/21 soybean crop year at 1 percent below last season.
Weather, macro indicators, and news
China canceled roughly 12 million bushels of U.S. soybeans on fears of delays out of U.S. Gulf ports from issues stemming from Hurricane Ida. Five cargoes were instead purchases from Brazil at much higher prices.
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.