USDA adds volatility to the soybean market

Soybean oil prices whipsawed during the latter half of last week following conflicting reports from the USDA which initially helped prices gain traction, but then followed with a correction.  On Thursday, the USDA released its Supply and Demand outlook and on Friday the agency raised its Brazilian soybean production.

On Thursday, the US Department of Agriculture reported that soybean production is forecast to…