本报告来源： MacroTerms.com

数据截止: 2026-10-07 · 结算口径: 交易所最终日结算价

Soybean Oil (ZL=F) Deep Dive | Bullish on Margin Support | 2026-10-08

We maintain a bullish bias on Soybean Oil (ZL=F) driven by resilient US crush margins and technical support near key pivots, despite recent price weakness. The instrument settled at 67.68 [2026-10-07], reflecting a 3.19% daily decline and a 4.1% drop over the past 20 sessions, yet it remains within the upper quartile of its 20-day channel. The primary catalyst is the US soybean crush margin, which expanded to 2.5174 USD/bu [2026-10-07], rising to the 61st percentile over the last year, signaling strong underlying demand for processing. While the current week remains unfinished with price at 67.68, the structural support from crush economics outweighs short-term volatility. We target a retest of the 20-day high at 72.23 if the 66.787 support holds. Invalidation occurs if price breaks below 65.893, which would signal a breakdown of the current consolidation range and a shift to bearish momentum.