The US soybean oil futures markets in Chicago continued to move higher on Thursday October 3, tracking another session of sharp gains for global crude oil prices.
The benchmark December soybean oil futures on the Chicago Mercantile Exchange traded at highs not seen since July before settling at $0.4453 per lb on Thursday, up by $0.0089 per lb or 2.04% from $0.4364 per lb the day prior.
The West Texas Intermediate and Brent crude oil markets continued to rally amid rising tensions in the Middle East, which have heightened fears of potential crude oil supply disruptions in the region.
The soybean oil market was also higher again on Thursday, still drawing support from supportive soybean crush figures released earlier in the week.
The US soybean crush dropped to a near three-year low of 168 million bushels in August, the USDA’s Monthly Fats and Oils report released on Tuesday October 1 showed.
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