# Renewable-fuel push drives soyoil prices to record high

> 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.

- Date: 2021-06-06 · published 2021-06-06T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/46690-renewable-fuel-push-drives-soyoil-prices-to-record-high
- 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

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.

## Read by commodity

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

## Sources

- livemint.com: https://www.livemint.com/market/commodities/renewablefuel-push-drives-soyoil-prices-to-record-high-11622983688228.html

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