For the third straight month, implied monthly demand for soybean oil in the US was robust, as domestic soyoil stocks totaled 1.5 billion lb at the end of September, down from 1.629 billion lb in August, figures released by the USDA on Friday November 1 showed.
US soybean crush was up by 11.3% on the month in September to 168 million bushels, rebounding from a near three-year low in August, as most processing plants returned to service from planned maintenance at the end of the summer before the harvest season.
US soybean oil demand has been strong in the last year due to increased renewable diesel (RD) production and capacity additions.
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