EDIBLE OIL : Soybean Oil were trading above 14 per bushel in early November, close to six-week highs, supported by supply disruption in top exporter Brazil and growing export sales to major consumer China.
The main road giving access to Paranagua port, Brazil’s second busiest for grain exports, has been blocked by demonstrators protesting the country’s election results.
The country’s 2022/23 soybean crop is expected to reach 154.35 million tonnes, above previously expectations of 153.8 million previously, according to StoneX.
On the demand side, China’s soybean oil supply imports surged 12% yoy to 7.72 million tonnes in September, and also higher than August imports of 7.17 million tonnes as the country urges to rebuild stocks.
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 the US crude oil inventories fell by 3.115 million barrels in the week ended October 28th, compared with market expectations of a 0.367 million barrel increase.
The latest US Energy Information Administration report showed. Also, gasoline stocks declined by 1.257 million, less than market expectations of a 1.358 million draw.
On the other hand, crude stocks at Cushing, Oklahoma, went up by 1.267 million barrels, following a 0.667 million build; and distillate stockpiles, which include diesel and heating oil, increased by 0.427 million, versus forecasts for a 0.56 million drop.
