US soybean oil futures listed on the Chicago Mercantile Exchange were down on Friday October 11.

The benchmark December soybean oil futures contract settled the day at $0.4333 per lb, down by $0.0043 per lb, or 1%, from a close of $0.4376 per lb on Thursday October 10.

Fund participants engaged in profit-taking after the USDA released its latest monthly World Agricultural Supply and Demand Estimates (WASDE) on Friday.

Estimates for 2024/25 beginning and ending soybean oil stocks in the US were both unchanged from the September WASDE at 1.622 billion and 1.787 billion lb respectively.

The forecast for 2024/25 soybean oil demand from the US biofuel sector was steady at 14.0 billion lb, with consumption from the food and feed industry unchanged at 14.2 billion lb.

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