Soybean oil : Price were trading around $14.5 per bushel in the second week of November, the highest in six weeks, supported by supply disruption and optimism toward future sales to major consumer China.
The upcoming soybean oil price in this season is likely to be affected by a lack of rain and farmers are unincentivized to invest in planting due to the La Nina climate pattern. Soybean planting in Argentina’s core farm belt region is far behind last year’s pace due to protracted drought, according to the Rosario grains exchange.
Meanwhile, the latest data showed China’s soybean imports tumbled 19% from a year earlier to 4.14 million in October, the lowest since 2014, highlighting the country’s need to rebuild stocks as hog profits have recovered.
Elsewhere, Russia announced that it agreed to resume the trade deal guaranteeing a safe corridor for vessels carrying grain after its demands have been met by Ukrainian counterparts.
While Brent crude futures were trading around $99 per barrel on Monday, hovering at levels not seen since late August, as investors weighted tight supplies against a gloomy outlook for demand. On top of that, a weaker dollar and general risk appetite also lent optimism to bulls.
