# Soybean oil futures rose by 7% due to high biofuel

> CBOT soybean oil rose 7% after the US government published its 2017 biofuel framework, which set the renewable fuel target at 19.28 billion gallons. Soybean futures firmed in sympathy, while soybean meal fell and wheat and corn were roughly unchanged amid a strong dollar.

- Date: 2016-11-24 · published 2016-11-24T12:00:00.000Z
- Category: policy · region US · magnitude high
- Page: https://feedsoft.ai/events/6691-soybean-oil-futures-rose-by-7-due-to-high-biofuel
- 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

The higher renewable volume requirement pulls soybean oil stocks lower, as the USDA's end-2016/17 soyoil stock estimate is expected to fall sharply, supporting oil prices. Meal weakens because crushing for oil output adds meal supply.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2026-05-27 | [Biofuels give boost to soybean oil futures rally \| World Grain](https://feedsoft.ai/events/19353-biofuels-give-boost-to-soybean-oil-futures-rally-world-grain.md) | +2.2% | -3.6% |
| SBO | 2026-06-30 | [Biodiesel boom drives soybean oil to 4-year high](https://feedsoft.ai/events/18887-biodiesel-boom-drives-soybean-oil-to-4-year-high.md) | +1.3% | +1.8% |
| SBO | 2026-06-26 | [EPA Biofuel Rule Boosts Soybean Oil Demand Through Higher Renewable Fuel Blending Mandates](https://feedsoft.ai/events/15018-epa-biofuel-rule-boosts-soybean-oil-demand-through-higher-renewable-fuel.md) | -2.8% | +5.7% |
| SBO | 2026-07-26 | [Biofuel Mandates Test Capacity and Soybean Oil Demand - RFD](https://feedsoft.ai/events/15007-biofuel-mandates-test-capacity-and-soybean-oil-demand-rfd.md) | -7.3% | -3.1% |
| SBO | 2026-06-01 | [US oil refiners finally profit from biofuels due to mandates, high fuel prices](https://feedsoft.ai/events/19351-us-oil-refiners-finally-profit-from-biofuels-due-to-mandates-high-fuel-prices.md) | -2.0% | -6.1% |
| SOY | 2026-05-27 | [Biofuels give boost to soybean oil futures rally \| World Grain](https://feedsoft.ai/events/19353-biofuels-give-boost-to-soybean-oil-futures-rally-world-grain.md) | -1.7% | -6.5% |
| SOY | 2026-06-30 | [Biodiesel boom drives soybean oil to 4-year high](https://feedsoft.ai/events/18887-biodiesel-boom-drives-soybean-oil-to-4-year-high.md) | +7.9% | +9.3% |
| SOY | 2016-12-13 | [China's soybean meal futures rise to 5-month high RAID](https://feedsoft.ai/events/73553-china-s-soybean-meal-futures-rise-to-5-month-high-raid.md) | -0.9% | -2.7% |

## Sources

- zmp.de: https://www.zmp.de/en/futures/news/newsticker-soybean-oil-futures-rose-7-due-high-biofuel-targets-united-states-2016-11

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