Soybean oil feeling pressure from both crude oil production and the EPA

Soybean oil got hit not once but twice today as the March CBOT contract traded as low as $30.05 cents per pound before recovering slightly to $30.34. Yesterday afternoon the EPA announced that they had approved a RFS pathway for Argentine SME. A move that will likely provide a flood of the Argentine product into the country due to their differential export tax system, which allows them to sell…