Soybean oil futures prices pressed higher on Thursday July 11 while funds covered short positions before the release of the USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report on Friday July 12.

August soybean oil futures on the Chicago Mercantile Exchange settled at $0.4712 per lb on Thursday, up by 78 basis points per lb, or 1.68%, from a close of $0.4634 per lb a day earlier.

Market participants expect the USDA’s WASDE report could show a slight increase in forecasts for 2023/24 soybean ending stocks.

Prices gains were supported by stronger crude oil markets and forecasts for continued hot weather and dry conditions in the US Midwest. The National Weather Service’s most recent outlook shows hotter-than-normal temperatures are expected across much of the country.

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