In all US spot vegetable oil markets, trading was incredibly quiet on Wednesday November 6 following the US presidential election on Tuesday November 5.
“We are just trying to figure out where to go from here. Nothing is trading,” one market source said.
Traders largely sat on the sidelines at midweek and watched US soybean oil futures on the Chicago Mercantile Exchange rally following an extremely volatile session.
Initially, the US dollar index surged on Wednesday on news that Donald Trump won the US election, and this pressured commodities markets in early activity.
However, the market ultimately shrugged off worries of increased trade tensions with China under a Trump presidency. Ahead of the election, Trump discussed implementing a 60% tariff on imports from China and a 20% across-the-board tax on all other imports.
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