# Soyoil futures retreat from record hit on growing biofuel demand | Financial Post

> U.S. soybean oil futures pulled back from record highs set on Monday, though they held above 70 cents per pound. Tight supplies and biofuel demand remain the main supports. New-crop contracts were posting bigger gains on concern about the upcoming harvest.

- Date: 2021-06-08 · published 2021-06-08T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/46686-soyoil-futures-retreat-from-record-hit-on-growing-biofuel-demand-financial-post
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Vegetable oil prices are feeding into record global food costs and raising feed costs for meat processors. Soyoil strength keeps crush economics favorable, which supports meal supply expectations.

## Read by commodity

- SBM: neutral
- SBO: bullish ▲

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/soyoil-futures-retreat-from-record-hit-on-growing-biofuel-demand

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