Soy Oil Futures Sink, Quarterly Stocks Report Weighs

Soy Oil Futures Sink, Quarterly Stocks Report Weighs

Global vegetable oil futures were lower on Friday, as traders adjusted positions ahead of the weekend. Soybean oil prices were down early in the day and extended lower after the noon release of the USDA’s latest Quarterly Stocks Report. The agency showed old U.S. soybean stocks at 268 million bushels as of September 1, down two percent on the year but well above the average market estimate of about 242 million bushels. On-farm soybean stocks totaled 72 million bushels, up 14 percent from the same period a year ago. Off-farm soybean stocks came in at 196 million bushels, down seven percent from September 2022. 

Figure 1.

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