Over the course of the last four weeks soybean oil has trended higher. Beginning at 3400 and currently at 3700. Through the second half of July price was driven mostly by technical movements to adjust what is known as the spreads between soybean oil and soybean meal.
The last day of July and the first day of August saw an increase of roughly 200 points. This was due to a report published in Reuter's that China's bean imports for June and July were revised higher, putting pressure on our current soybean stock. Since then the market been not seen much movement one way or the other.
Looking forward, the USDA crop report is due out August 12th, which I will post a summary of tomorrow. India will become a larger importer of soybean and other crops because of their severe draught. And China will remain in the picture until Argentina is producing again.