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August soybean oil futures in Chicago rose 6.8% to their highest since April, around $1,035 per tonne. Gains were attributed to biodiesel demand, higher crude oil prices, and a rise in US soybean crush in May, while Brent crude climbed to about $86.3 per barrel.
Stronger crude and biofuel-linked demand lift soybean oil and palm oil prices, and higher oil costs also raise energy-linked feed costs. Vegetable oil strength tends to pull soybean meal and other oilseed prices along.
ukragroconsult.comJul 3, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Soyoil rose 6.8% to its highest since April on biodiesel demand, higher crude and stronger May crush, a major driver of the weekly gain.
Soyoil rose 6.8% on biodiesel demand, higher crude and stronger crush, building the rally that extended into July 8.
