Bullish NOPA Data Drives Soybean Oil Futures Higher
Soybean oil prices rallied on Monday, while nearby palm oil futures declined as bullish data from the National Oilseed Processors Association (NOPA) triggered buying during U.S. trading hours. NOPA reported a record monthly crush, well above market expectations, confirming robust soybean meal demand. Despite record monthly soybean oil production, NOPA stocks only rose marginally and remained well within the range of analysts’ expectations. The record production and stock numbers suggested domestic usage rose back above two billion pounds after falling below that level in September for the first time in four months. The bullish data should help support soybean oil prices in the short term. However, final confirmation of the demand data will have to wait until the United States Department of Agriculture (USDA) publishes its monthly Fats and Oils report on December 1.
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11.15.2024
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