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Soybean Oil Technical Look: Too far too fast?

The soybean oil futures market has been on fire. As of last Friday’s close (AUG 2023 Futures), the market was up 31.29% from its bottom in 12 trading days. The last twelve trading days are about as strong a technical move as you will see. Underneath the technical move is a solid fundamental supply/demand story and the current deterioration of N.A. crop conditions because of a lack of moisture.

See the two below charts for more insight.

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