The USDA’s soybean oil ending stocks outlook for the 2022/23 crop season declined 159 million pounds to 1.6 billion pounds. The decline trickled through the 2023/24 crop season as well, lowering ending stocks there by 159 million pounds to 1.577 billion pounds. Increased soybean oil demand from the biofuel industry accounted for the largest segment of the decline.
USDA increased expected biofuel demand by 300 million pounds to 12.4 billion pounds. They also lowered soybean oil production 38 million pounds and increased exports by eight million pounds. Partially offsetting these moves was a slight increase in soybean oil imports and a decline in the domestic “food, feed and other” category.
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09.06.2024
Signs of US economic downturn send ULSD prices to 3-year low
Shifting economic conditions are raising the possibility of a US recession. The US Bureau of Labor Statistics (BLS) released the jobs report on Friday September 6, which showed that...
09.06.2024
US fat market slides on pressure from soybean oil, energy complex
Used cooking oil (UCO), distillers’ corn oil (DCO) and yellow grease all traded lower on Friday September 6 due to pressure from the sinking heating oil and soybean oil...
09.06.2024
Sluggish trade volume keeps weekly animal protein prices flat
US animal protein prices were steady on Friday September 6, with market participants indicating light traded volumes for products.
Weekly wrap-up
Prices for US animal proteins were little...