SBO futures up on export demand, Russia-Ukraine tension

SBO futures up on export demand, Russia-Ukraine tension

Houston, 24 February (Argus) — US soybean oil futures made gains this week amid strong export demand for soybean oil along with escalating tensions in eastern Europe.

The March CBOT soybean oil futures contract rose by 6pc during the week. Futures settled at 70.72¢/lb on 23 February, up from 66.97¢/lb a week earlier.

India purchased 100,000 metric tonnes (t) of soybean oil from the US on 18 February, while soybean production estimates for South America continue to run low. On 22 February, the US Department of Agriculture announced 132,000 t of soybean export sales to China for the 2022/2023 marketing year, providing additional support to the CBOT futures during the week.