The great soybean oil price collapse expected by many has failed to materialize. Increased soybean oil supply due to the recent harvest, combined with declining demand from the biofuel industry due to uncertain economics and a lack of guidance surrounding the 45z credit, was expected to have a negative impact on the soybean oil price.
The soybean crush registered an all-time monthly high in October, which increased soybean oil supply, while US biodiesel and renewable diesel (RD) production moved rapidly lower.
This had many traders expecting lower soybean oil prices, but that failed to happen.
Strong export demand continued to underpin soybean oil price at a time when the biofuel sector has taken a break from soybean oil purchasing.
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11.19.2024
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