Benchmark US soybean oil futures fall after lackluster WASDE report

Benchmark US soybean oil futures fall after lackluster WASDE report

US soybean oil futures listed on the Chicago Mercantile Exchange were down on Friday October 11.

The benchmark December soybean oil futures contract settled the day at $0.4333 per lb, down by $0.0043 per lb, or 1%, from a close of $0.4376 per lb on Thursday October 10.

Fund participants engaged in profit-taking after the USDA released its latest monthly World Agricultural Supply and Demand Estimates (WASDE) on Friday.

Estimates for 2024/25 beginning and ending soybean oil stocks in the US were both unchanged from the September WASDE at 1.622 billion and 1.787 billion lb respectively.

The forecast for 2024/25 soybean oil demand from the US biofuel sector was steady at 14.0 billion lb, with consumption from the food and feed industry unchanged at 14.2 billion lb.

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