Soybean Oil Set to Explode Higher Amid Tight Supplies and Strong Demand
The Soybean Oil market is on the verge of exploding higher due to tight supplies and strong demand, according to a recent analysis. The author has been bullish on Soybean Oil since early August, citing factors such as increasing US demand for biofuels, a tight supply of all oils, and global demand soaring.
However, the Cattle Markets have been experiencing a downturn, with the October'26 Feeder Contract settling at 331.95, just 44 cents above the 50% retracement level. The author is bearish on the Cattle Market for now, citing factors such as fund-driven selling and potential pressure from the US Government to lower prices.
The author also mentions that the decision by OPEC+ to curb production increases could help keep Crude Oil prices high, which in turn could boost Soybean Oil prices. The author predicts that December'26 Soybean Oil could trade into the 80's by the end of the year, having settled at 68.93 today.