The latest sell-off in the US soybean oil futures market in Chicago continued on Wednesday August 14, albeit at a slower pace.
September soybean oil closed at $0.4001 per lb at midweek, down by $0.0028 per lb, or 0.7%, from a settlement of $0.4029 per lb on Tuesday. Deeper losses were trimmed by bargain buying.
The sell-off began on Monday following the release of a neutral-to-bearish World Agricultural Supply and Demand Estimates (WASDE) for August from the USDA.
The agency’s balance sheets were broadly unchanged on the month, but upward revisions to forecasts for 2024/25 US soybean production, exports and ending stocks triggered technical selling across the soybean complex.
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