National Oilseed Processors Association (NOPA) data on Monday revealed U.S. soybean oil stocks among NOPA members totaled 1.108 billion pounds as of Sept. 30.
A mid-year drawdown of U.S. soyoil stocks is common, but this year’s pace is unusual.
The U.S. Department of Agriculture projects total domestic soybean oil use at a record 27.45 billion pounds in 2023-24, which began Oct. 1.
The most actively traded Chicago soybean oil futures are at three-year lows for the date, down 20% from a year ago.
Most-active CBOT soybean oil futuresRISING IMPORTSU.S. soybean oil stocks may be falling, but both the reduction in exports and influx of vegetable oil from overseas have been somewhat offsetting.
Persons:
Jason Lee, Stocks, Karen Braun, Miral
Organizations:
Industry, Trade Co, REUTERS, Rights, Oilseed Processors, U.S . Department of Agriculture, NOPA, U.S, Higher, USDA, Reuters, Thomson
Locations:
Qufu, Shandong province, China, Rights NAPERVILLE , Illinois, U.S, Chicago, United States, USDA