Soybean futures prices rose on the Chicago Board of Mercantile Exchange during today’s trading as vegetable oil prices soared in line with rising global oil prices, as rising military tensions in the Middle East prompt investors to turn to products related to the energy and biofuel sectors.
most active
The most active soybean contract rose 0.3% to $11.74 per bushel (about $431 per ton), while soybean oil rose 2.2% to 63.22 cents per pound (equivalent to $1,393 per ton). This is supported by oil prices, which have increased the appeal of soybean oil as a viable alternative to fossil fuels.
Wheat prices fell 0.25% to $5.9 per bushel (about $217 per tonne), while corn prices held steady at $4.48 per bushel, as global market expectations turned to safe-haven assets such as gold and bonds.
Soybean futures prices rose on the Chicago Mercantile Exchange during today’s trading as military escalation in the Middle East pushed investors to seek out products related to the energy and biofuels sectors, and a jump in vegetable oil prices as global oil prices rose.
most active
The most active soybean contract rose 0.3% to $11.74 per bushel (about $431 per ton), while soybean oil rose 2.2% to $63.22 per pound (equivalent to $1,393 per ton), supported by higher crude oil prices that made soybean oil more attractive as a viable alternative to fossil fuels.
Wheat prices fell 0.25% to $5.90 per bushel (about $217 per tonne), while corn prices stabilized at $4.48 per bushel amid expectations in global markets that shifted to safe-haven assets such as gold and bonds.
