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Data as of: 2026-10-08 · Settlement: Exchange final daily settlement

Soybean Oil (ZL=F) Deep Dive | Bullish on Margin Support | 2026-10-09

We maintain a bullish bias on Soybean Oil (ZL=F) as robust crush margins and technical stabilization near key support levels outweigh near-term macro headwinds. The instrument settled at 67.92 (2026-10-08), holding above the 20-day pivot at 67.853 despite a 20-day decline of 5.56%. A 1.25% mean seasonal gain for this period and a 60th percentile US soybean crush margin provide a fundamental floor. While the broader market remains in a corrective phase, the convergence of technical support and improving processing economics suggests a rebound is more probable than further downside. The primary invalidation remains a sustained break below 66.873 (S2), which would signal a loss of the immediate support structure and a shift to bearish positioning. Current intraday activity in Asia shows resilience, with price hovering near the prior settle, indicating that sellers are not aggressively pressing below the 67.397 (S1) level. This setup favors a long bias with a measured target towards the 20-day high of 72.23 if momentum confirms.