Soybean oil led a sharp decline in the entire oilseed complex

In the Chicago market, in the United States, there was a sharp drop in prices, which reached the future prices of all products, but was led by soybean oil.

This product collapsed US $ 121 per ton during the business conference. In this way, it ended up accumulating a loss of more than $ 200 during the week.

This impact was transferred to the grain of the oilseed, which showed its largest historical drop in a trading day.

The downward behavior responded to a sum of several news items that were downward in tone for the entire oilseed complex; however, the by-product was the worst hit.

The price of soybeans has come under pressure recently from news that the United States Environmental Protection Agency is considering ways to provide relief to oil refineries from mandates that require blending of biofuels, including biodiesel on the basis of of soybeans.

Another factor that is putting pressure on the oilseed is the forecast of expected rains for the US core zone. And this, added to the weak export demand figures published by the United States Department of Agriculture (USDA, for its acronym in English).

Weather forecasts of better conditions in the Midwest and on the plains created additional selling pressure from hedge funds.

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