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.
- 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.