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Soybean oil futures end higher after key USDA reports

Alexandra Watts | 03.28.2024

**Please note – There will be no Vegetable Oil bulletin on March 29, 2024, in observance of Good Friday.**

Cash vegetable oil markets were quiet on Thursday March 28. Soybean oil basis levels held relatively steady for much of the week, with little, if any, trading reported. Some sellers of crude-degummed soybean oil in central Illinois pushed their offers higher earlier in the week but were met with resistance from the buy side.

The USDA’s annual prospective plantings report released at midday estimated the U.S. soybean planting area for 2024 at 86.51 million acres, up 3.4% from 2023 and within analyst outlooks. Still, the figure was down from the USDA’s projection of 87.5 million soybean acres in February.

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