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Push for Renewable-Fuel triggers a Record High Surge in Soyoil Prices

June 7, 2021 by Forex Winner Leave a Comment

Push for Renewable-Fuel triggers a Record High Surge in Soyoil Prices

Source: The Wall Street Journal.

The growing interest in renewable energy has increased the demand for vegetable-oil supplies, leading to an increase in the prices of soybean oil.

soybean cash
  • The Chicago Board of Trade has recorded a 70% increase in soybean-oil futures. 
  • The surge makes soybean oil one of the best-performing commodities over the year.
  • The Department of Agriculture in the U.S. forecasts an increase in consumption of soybean oil to 12 billion pounds in the biofuels sector in 2021-2022.
  • The production capacity in the U.S. of soybean oil will also expand by 935 million gallons in the current year.
  • The global supply problems have also led to an increase in the price of the vegetable-oil.

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