Soybean prices fall in Chicago amid rising palm oil stocks

Soybean prices closed lower on the Chicago Board of Trade, with the November contract falling 0.42% to $12.97 per bushel. The decline is primarily driven by pressure in the global vegetable oil market, specifically due to rising palm oil stocks in Malaysia. Estimates suggest Malaysian palm oil stocks could reach 3.45 million tons in September, up from 2.82 million tons in August, as production increases and exports decline.

This abundance of palm oil creates direct competition for soybean oil in global markets. While soybean oil faces downward price pressure, soybean meal has seen support due to steady demand for animal protein, particularly from Europe. Major producers including Brazil, Argentina, and the United States continue to maintain high rates of soybean crushing, which increases the availability of both oil and meal derivatives.