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Soybean oil futures in Chicago have rallied about 40% from March lows, supported by rising online orders that boosted long-haul truck traffic and diesel demand. Renewable diesel makers have turned to soy oil as feedstock, since restaurant closures cut cooking oil and rendering supplies fell after meat plant shutdowns.
Stronger truck-driven diesel demand and renewable diesel feedstock needs pull soybean oil demand higher, supporting soyoil prices and the crush margin for soybean meal.
ofimagazine.comOct 1, 2020Not 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.
