The soybean oil rose strong after the US proposed to increase the amount of biodiesel that oil refineries must incorporate into the fuel mixture in the next two years.
The future soybean oil of the United States shot this Friday and the soy of the market, according to analysts. Corn and wheat prices also increased.
The soybean oil, a key raw material for the production of biodiesel, rose strong after the United States environmental protection agency proposed to increase the amount of biofuels that oil refineries must incorporate into the fuel mixture in the next two years. “The mere fact that these volumes arrive is very positive for our internal soy demand by 2026 and 2027. It is great news“Terry Linn said, a Linn & Associate analyst in Chicago.
The ton soy touched the US $ 400, while they climbed corn and wheat
The measure in the US, which also included discouragement to biofuel imports, was well received by the biofuel industry, which had been pressing for months. In that framework, The contract of the ton soy for July won US $ s10.10 (+2.6%), to be located at US $ 393.06Corn climbed 1% au $ S174.40 and wheat rose 3.3% to US $ 199.79.
The wheat rose to recover from a minimum of four weeks, counteracting the pressure of the beginning of the winter wheat harvest of the northern hemisphere. Raw material funds maintain a considerable short position in CBOT wheat futures, leaving the market vulnerable to short coverage rebounds.
Among the rest of the commodities, a jump in crude oil prices was highlighted after Israel carried out attacks against Iran lent early support for raw materials. “Obviously, the attack on Iran has been the main news, but the publication of the EPA is now the big issue. It has taken over,” said Linn.
Source: Ambito
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