CBOT Soybean Oil Surges 5.4% in Week Ended July 10, Driven by Crude Oil Rally

According to Jin10 Futures, CBOT soybean oil futures surged 5.4% in the week ended July 10, primarily reflecting strong gains in international crude oil futures and strength in external vegetable oil markets. The U.S. Department of Agriculture supply and demand data had a neutral market impact. For the 2026/27 crop year, U.S. soybean oil production is projected at 32.59 billion pounds, up 5.6% year-over-year, with annual average prices at 70 cents per pound, compared to 64 cents in the prior year. Soybean oil usage in biofuel production is estimated at 17.8 billion pounds, up 22.3% from last year.
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