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Soybean oil futures in Chicago rose after reports that the Phillips 66 biofuels plant in Rodeo, California received environmental approval to start operating within weeks. Most-active soybean oil futures climbed 2.7%, their biggest daily gain since December 7.
A new renewable diesel plant increases US biofuel demand for soybean oil, tightening supplies and supporting soyoil prices, which in turn can support soybean crush economics and meal supply.
bloomberg.comTarso VelosoJan 22, 2024After 841 past bullish policy events, SBO moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 356 past bullish policy events, SOY moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
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.
