# Global: Soybean oil prices rose sharply on Chicago after Trump's announcement which could support the quotations of other vegetable oils and sunflower

> Trump announced plans for additional tariffs of 10% on Chinese goods and 25% on goods from Canada and Mexico. The Canadian dollar fell to a four-year low and the Mexican peso to its weakest since 2022, while December soyoil futures rose about 3%.

- Date: 2024-11-26 · published 2024-11-26T12:00:00.000Z
- Category: trade · region Global · magnitude high
- Page: https://feedsoft.ai/events/27479-global-soybean-oil-prices-rose-sharply-on-chicago-after-trump-s-announcement
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

Tariffs on Canadian goods could cut canola oil supplies used in US biodiesel, supporting soyoil as a substitute. The weaker Canadian and Mexican currencies also affect import costs and cross-border feed trade.

## Read by commodity

- SBO: bullish ▲
- USDCAD: bullish ▲
- USDMXN: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2021-01-27 | [The sharp rise in prices of soybean oil will support prices for sunflower oil and sunflower](https://feedsoft.ai/events/49249-the-sharp-rise-in-prices-of-soybean-oil-will-support-prices-for-sunflower-oil.md) | +3.8% | +13.1% |
| SBO | 2023-11-22 | [Global soybean oil prices continue to rise amid tight supply](https://feedsoft.ai/events/33253-global-soybean-oil-prices-continue-to-rise-amid-tight-supply.md) | -1.2% | -4.4% |
| SBO | 2022-08-10 | [Sunflower prices are rising on expectations of increased exports of oil and meal 10.08.2022 - UkrAgroConsult](https://feedsoft.ai/events/40147-sunflower-prices-are-rising-on-expectations-of-increased-exports-of-oil-and.md) | -1.1% | +1.7% |
| SBO | 2026-06-25 | [EU sharply increases oilseed exports despite reduced sunflower production and reduced processing](https://feedsoft.ai/events/12622-eu-sharply-increases-oilseed-exports-despite-reduced-sunflower-production-and.md) | -2.8% | +8.0% |
| SBO | 2019-08-20 | [In recent months, Iran significantly increased the imports of vegetable oils and meals](https://feedsoft.ai/events/57688-in-recent-months-iran-significantly-increased-the-imports-of-vegetable-oils-and.md) | -1.2% | +4.1% |
| PALMOIL | 2023-11-22 | [Global soybean oil prices continue to rise amid tight supply](https://feedsoft.ai/events/33253-global-soybean-oil-prices-continue-to-rise-amid-tight-supply.md) | -0.5% | -2.9% |
| PALMOIL | 2019-08-20 | [In recent months, Iran significantly increased the imports of vegetable oils and meals](https://feedsoft.ai/events/57688-in-recent-months-iran-significantly-increased-the-imports-of-vegetable-oils-and.md) | +1.6% | +4.4% |
| PALMOIL | 2021-04-14 | [High demand supports the purchase price of sunflower in Ukraine](https://feedsoft.ai/events/47712-high-demand-supports-the-purchase-price-of-sunflower-in-ukraine.md) | +3.9% | +15.3% |

## Sources

- tridge.com: https://www.tridge.com/news/soybean-oil-prices-rose-sharply-in-chicago-a-mtlofi

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