World Edible Oil Prices End Lower after WASDE, MPOB Reports
Global vegetable oil prices were lower on Friday, as the palm and soybean oil markets were weighed down by various key supply and demand data. The United States Department of Agriculture (USDA’s) September World Agricultural Supply and Demand Estimates (WASDE) proved to be the feature of the day’s trading. The WADSE was bearish to neutral for soybeans because, as the market expected, USDA raised soybean ending stock and production figures. The agency also hiked its soybean yield projection to 50.6 bushels per acre, from 50 bushels per acre last month. However, USDA lowered its prediction of soybean oil used in biofuel production in 2020/21 by 200 million pounds to 8.8 billion pounds and dropped its 2021/22 projection by 500 million pounds to 11.0 billion pounds.
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