Keep up to date with our analysis of how global wheat markets react to the Russia-Ukraine conflict and the changing dynamics in production and export across different countries.
CBOT soybean oil futures hit 12-year high, trades limit up
CBOT futures surged to the highest level since July 2008 on Thursday as it gained 4% in a single session and triggered a cooldown period, as the US balance sheet continued to tighten and as the country s President Joe Biden announced plans to halve US emissions.
The May contract surged 250 points to a contract high of 62.66 ct/lb and traded limit up, while the July contract was up just under 4% at 59.19 ct/lb.
CBOT soyoil futures were up for their eighth consecutive session, gaining over 20% in the past week as cold weather at the start of the US plantings season spread fears of persistent tight bean and corn supply over the next few years.