# Sharp rise in price of soybean oil in Chicago supported prices for other vegetable oils

> 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.

- Date: 2024-07-03 · published 2024-07-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/12748-sharp-rise-in-price-of-soybean-oil-in-chicago-supported-prices-for-other
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-07-08 | 5 | +10.4% | 2.8 | 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. |
| SBO | 2024-07-08 | 1 | +3.7% | 3.1 | Soyoil rose 6.8% on biodiesel demand, higher crude and stronger crush, building the rally that extended into July 8. |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/sharp-rise-in-price-of-soybean-oil-in-chicago-supported-prices-for-other-vegetable-oils/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.