US soybean oil futures on the Chicago Mercantile Exchange (CME) were down in early trading and continued to fall after the USDA released its April World Agricultural Supply and Demand Estimates (WASDE) at noon on Thursday April 11. May soybean oil futures fell to a one-month low on the spot continuation chart before ending the session at $0.4602 per lb, down 158 basis points per lb, or 3.32%. July soybean oil futures settled at $0.4657 per lb, down 155 basis points per lb, or 3.22%.

The WASDE showed a higher-than-expected increase of 45 million bushels in 2023/24 US ending soybean oil stocks. Domestic soybean oil production was pegged 45 million lbs higher from the March report at 27.07 billion lbs. 

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