U.S. soybean oil futures in Chicago ended down slightly but well off the day’s lows, as market participants squared positions before the USDA’s September World Agricultural Supply and Demand Estimates (WASDE). The report, slated for release at noon on Tuesday, is expected to show a cut in U.S. 2023/24 soybean ending stocks, yield, and production estimates due to hot and dry conditions in August in major U.S. growing regions. U.S. soybean ending stocks are projected to come in at an average of 209 million bushels, down 36 million bushels from August’s projection. Soybean yields are expected to have dropped from 50.9 to 50.1 bushels per acre.

On the CME, nearby October soybean oil futures ended at 61.34 cents per pound on Monday, down 12 basis points per pound or 0.2 percent. Benchmark December bean oil futures ended unchanged at 60.50 basis points per pound.

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