Soybean oil futures international trade data reveals

International trade data reveals soybean oil exports from Brazil rose 9% month-over-month, bolstering futures prices in Chicago. Supply chain resilience is helping limit downside pressure on contracts. China bought around half of U.S. soybean exports, and the “rest of world can’t take that volume,” he noted. Traders were engaging in pre-weekend positioning with local demand expected to firm ahead of festive holidays in China, even though stocks of palm oil, soybean oil and rapeseed oil remained relatively high. USDA reported a reduction in soybean oil ending stocks, pushing futures up in the afternoon session. The drawdown reflects stronger-than-expected domestic consumption and export shipments in July.