Crucial week for soybeans globally: demand, weather and geopolitics keep the market on edge

Soybean oil led the soybean complex last week, driven by record palm oil prices, a buoyant energy market and strong export demand. Over the past three days, soybean oil futures have risen 8%, reaching levels not seen since July. This trend is reinforced by the fall in stocks reported on Friday, November 1 by NASS in the United States, which showed worryingly tight levels. The emergency sale of 20 thousand tons of soybean oil to India that same day reflected the growing pressure on US stocks, with stocks of 1.5 billion pounds, leaving projected stocks for 2023/24 at their lowest level in a decade. The soybean market is at a decisive moment, with opposing forces competing to influence prices. On the one hand, bullish factors are driving demand, such as the increase in weekly exports from the United States and the growth in the soybean oil sector due to its use in the energy and food industries. This has generated interest in soybean futures on the Chicago Board of Trade (CBOT), ...