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Soybean oil is high in price but available in the US, according to Mac Marshall of the United Soybean Board. CBOT soybean oil was 59¢/lb on Jan.
12, up 37% year on year, and palm oil and coffee have also risen sharply. USDA data show biofuel use rising to 42% of domestic soybean oil use in 2021-22, with exports falling.
Biofuel demand is absorbing soybean oil that would otherwise go to exports and food, keeping prices elevated. New crushing capacity could ease supply within two years.
foodbusinessnews.netJeff GelskiJan 28, 2022Not 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.
