US soybean oil futures in Chicago ended the session on Monday December 16 with a solid loss.
The January soybean oil contract closed at $0.4172 per lb on Monday, down by $0.0089 per lb, or 2.1%, from a settlement of $0.4261per lb on Friday December 13.
The soybean oil market was down in early trading and remained in negative ground following the release of monthly soybean crush data from the National Oilseed Processors Association (NOPA).
NOPA reported that US soybean crush hit a new record for the month of November at 193.19 million bushels. The figure, which was below the average market expectation of 196.5 million bu, was down by 3.38% from October’s all-time record high at 199.96 million bu but was up by 2.2% from the same month a year earlier.
Implied domestic soybean oil demand stepped lower in November, as US stocks rose on the month to a total of 1.08 billion lb. This was up by 1.4% from October.
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