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U.S. soybean oil futures rallied to a record high on Monday, with July delivery contracts peaking at 73.74 cents per pound overnight. Prices were around 71.7 cents during the morning session.
Futures had risen 71.3% year to date.
Strong biofuel demand is tightening soyoil supplies, pushing up crush margins and feed costs for meal users. Higher oil prices raise the value of crushing soybeans, supporting soybean and soybean meal prices.
agweb.comReutersJun 24, 2021Not enough comparable past events yet for a historical read.
Not 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.
