Tracking gains in global crude oil markets, CME U.S. soybean oil futures moved higher on short covering. The benchmark March soy oil contract ended the Thursday session up 47 basis points per pound, or one percent, at 48.72 cents per pound.

Market participants positioned themselves ahead of the midday release of USDA’s latest monthly World Agricultural Supply and Demand Estimates (WASDE) on Friday. The agency is expected to cut its global soybean ending stock projection but raise its U.S. ending stock forecast.

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