U.S. soybean oil futures ended down, but losses were somewhat pared ahead of the closing bell following another bearish to neutral monthly supply and demand report for soybean oil. Following a whipsaw session, the most actively traded soybean oil futures contract (May) on the CME closed above 46.00 cents per pound, at 46.17 cents per pound. This was down 18 basis points per pound, or 0.4 percent.
USDA’s March World Agricultural Supply and Demand Estimates (WASDE) released on Friday showed a few marginal changes to the U.S. soybean oil balance sheets. For the fifth month in a row, the agency lowered its forecast for the U.S. soybean oil price, this time by two cents to an average of 49 cents per pound. This is down a total of 14 cents per pound, or more than 22 percent, from USDA’s October 2023 WASDE forecast.
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