Soyoil Beats Soybeans With 66% Gain On The Year As Biofuels Roar
Soyoil Beats Soybeans With 66% Gain On The Year As Biofuels Roar
Prices of soybean oil, or , one of the main feedstocks for biofuels, are up 66% on the year. , the raw material that gets crushed mostly into oil and animal feed—and to a lesser extent as food for humans—are up just 20% since the start of January.
Most-active soyoil hit an all-time high of 73.74 cents per pound on the CBOT, or Chicago Board of Trade, on Monday.
Booming global demand for vegetable oils—coupled with an expected tightening in soyoil supplies over the next year—have kept futures at historic levels.
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