Soybean oil futures initially moved higher on Friday July 12 in response to the release of the USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE), with the August contract reaching an intraday high of $0.4780 per lb.
However, the contract soon resumed its slide. It settled Friday at $0.4565 per lb, down by 47 basis points per lb, or 1%, from a close of $0.4712 per lb on Thursday July 11.
The latest WASDE figures showed a few unexpected changes to the agency’s soybean and soybean oil balance sheets.
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