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The European Commission concluded that US soybeans can be used for biofuel production in the EU, as part of efforts to ease strained trade relations with the United States. EU biofuel producers used about 400,000 tonnes of soybean oil in 2018 versus 5.9 million tonnes of rapeseed oil.
Opening the EU biofuel market to US soybean oil could lift US soyoil export demand, though the EU's small soyoil use limits the volume effect. The trade-relations angle adds some positive sentiment for US soy exports.
reuters.comPhilip BlenkinsopJan 29, 2019After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
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.
