US soybean oil futures in Chicago were down at the close of trading on Thursday August 15, with 2024 and 2025 contracts through the back end of the curve all settling below $0.4000 per lb.

The front-month September soybean oil contract closed at $0.3947 per lb on Thursday, down by $0.0054 per lb, or 1.4%, from a close of $0.4001 per lb the day prior. Prices were at their lowest since December 2020.

The soybean oil market was slightly up in early trading and remained in positive territory for a brief period following the release of US soybean crush data for July from the National Oilseed Processors Association (NOPA).

Although initially viewed as bullish, the NOPA data failed to sustain the upside move in the soybean oil market.

July soybean crush reached a new record high for the month at 182.88 million bushels, up by 7.28 million bu, or 4%, month on month and up by 13.1% year on year.

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