Trading at cash vegetable oil markets slowed to a crawl on Tuesday, with many participants attending the annual American Fats and Oils Association Conference in Nashville.
U.S. soybean oil futures moved lower on Tuesday on profit-taking, a downward correction in oil share, and weaker crude oil markets. Ongoing soybean harvest progress also pressured the soybean markets today. The benchmark soybean oil futures contract on the CME ended at 5.35 cents per pound, down 55 basis points per pound, or almost one percent.
In its Weekly Crop Report released on October 16, USDA showed 62 percent of the U.S. soybean crop had been harvested as of the week ending October 15. This was up from 43 percent last week and 60 percent during the same week in 2022. USDA also reported that 52 percent of the U.S. soybean crop was in good-to-excellent condition last week, up from 51 percent the week prior but below 74 percent a year ago.
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