# Soybean Oil Strengthens on New Phillips 66 Diesel Plant

> CBOT soybean oil settled at $973/mt, up from $952/mt, while soybeans recovered to $411/mt on traders citing the Phillips 66 renewable diesel plant in Rodeo, California. Brazilian beans were trading at $413/mt and drawing buyer preference over Chicago beans, and Brazil's 2023 soybean exports rose about 29% year on year.

- Date: 2024-01-24 · published 2024-01-24T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/32192-soybean-oil-strengthens-on-new-phillips-66-diesel-plant
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Strong renewable diesel demand supports soyoil, while Brazil's export competitiveness and larger flows cap Chicago soybean prices and US export sales.

## Read by commodity

- SBM: neutral
- SBO: bullish ▲
- SOY: bearish ▼

## Sources

- vespertool.com: https://vespertool.com/news/soybean-oil-complex-strengthens-on-massive-new-phillips-66-renewable-diesel-plant/

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