# Soybean and Heating Oil Prices Increase - The Jacobsen

> Soybean oil futures jumped over 3% on August 12, with the September contract up 94 basis points, following USDA balance sheet changes that added 200 million pounds to biodiesel use. Palm oil rallied about 1.75% after a report showed Indonesian output through June was below last year, and crude oil rose more than $1 per barrel on draws in US inventories.

- Date: 2020-08-12 · published 2020-08-12T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/51684-soybean-and-heating-oil-prices-increase-the-jacobsen
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher biodiesel use and a firm palm oil supply picture support vegetable oil prices, while the crude oil rally strengthens biofuel economics that underpin soyoil demand.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- PALMOIL: bullish ▲

## Sources

- thejacobsen.com: https://thejacobsen.com/2020/08/12/soybean-and-heating-oil-prices-increase/

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