Soybean oil hits three-week high as US-Iran ceasefire dissolves

Ben Westcott / Bloomberg07-08

Chicago soybean oil futures climbed to a three-week high after fresh US military strikes on Iran sparked a rally in crude prices, raising the prospect of greater demand for biofuel feedstocks.(July 8)...

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Earlier, the US targeted more than 80 Iranian sites in response to a series of attacks on ships in the Strait of Hormuz.\nAs a major biofuel feedstock, soybean oil prices are often tied to movements in petroleum. When crude prices rise, alternative fuels become more attractive to buyers.\n\nThe movements in soybean oil prices were partly linked to growing geopolitical tensions, said Kang Wei Cheang, an agricultural broker at StoneX. High US biofuel-blending mandates were also creating strong demand for oil-seed feedstocks more broadly, he said.\nPrices:\n\nSoybean oil rose by 2% to 68.61 cents a pound.\nCorn fell slightly, while soybeans and wheat gained.\n\nUploaded by Arion Yeow","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2650091172","isCrawlerRequest":true}