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Agriculture Americas

Vegoils wobble as stock worries prompt special measures on demand

USDA’s holiday-delayed WASDE release on Friday left
the US soybean market struggling to climb away from
its lowest levels since August after a weak week for a
vegoils market worried by Southeast Asian
stockbuilds. USDA offered bean bulls some succour
with a trimmed production forecast, although
outweighed by an upgrade to carryout estimates for
the new marketing year to 470mn bu from the
445mn bu forecast in December, with slower
soybean exports expected to bolster domestic
stockpiles despite a slight bounce in the domestic
crush on the heels of Brazil’s harvest upgrade. US
bean oil stocks carryout were marked down 5% MoM
as feed, food and industrial usage was marked up
relative to a flat domestic biodiesel expectation. The
report allowed bean oil to recover two days of losses
immediately after it hit the market, although
soybean oil remains sharply down from its New Year


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