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Soybean oil futures on the Chicago Board of Trade closed near 72 cents per pound, topping the 2008 record, and were up almost 70% for the year. Biofuel demand is the main driver, with USDA expecting 12 billion pounds of soyoil use in 2021-22.
U.S. soyoil production capacity is expected to nearly double in 2021.
Rapid biofuel-driven demand for soyoil is raising vegetable oil prices and lifting the value of soybean crush. Expanding U.S. processing capacity should eventually increase meal output, which tempers meal price support.
livemint.comJun 6, 2021Not enough comparable past events yet for a historical read.
Not 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.
