Soybean Oil Falls To 8-weeks Low

soybean market futures

SOYBEAN :  Oil decreased to an 8-week low of 1363 USd/Bu, after the US Agriculture Department’s Quarterly Stocks report showed domestic soy stocks rose unexpectedly.

US stocks of soy rose to 0.274 billion bushels as of September 1st, 2022 from 0.256 billion bushels a year ago and above expectations of 0.242 billion.

The soybean Oil market was already under pressure from expectations of a Fed-induced recession. Also, agribusiness consultancy Datagro said South American soybean production will hit a record high in the season that is now being planted, citing an expected area expansion to an all-time high