Soybean oil futures on the Chicago Mercantile Exchange rose on Monday September 30, boosted by strength in crude oil markets.

October soybean oil futures closed at $0.4351 per lb, up by $0.0133 per lb, or 3.15%, from a settlement of $0.4218 per lb on Friday September 27.

December soybean futures ended at $0.4331 per lb on Monday, up by $0.0095 per lb, or 2.24%, from $0.4236 per lb on Friday.

At midday on Monday, the USDA’s latest Quarterly Stocks Report showed that old crop US soybean stocks stored in all positions as of September 1 totaled 342 million bushels, up by 29% year on year but below the average market estimate of about 350 million bu.

On-farm soybean stocks totaled 111 million bu, up by 54% year on year. Off-farm soybean stocks came in at 231 million bu, up by 20% from September 2023.

Indicated disappearance between June 1 and August 31 was 628 million bu, up by 18% from the same period in 2023.

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