Soybean oil futures on the Chicago Mercantile Exchange ended a volatile trading week higher on Friday November 8.
The benchmark December soybean oil futures contract settled at $0.4877 per lb on Friday, up by $0.0045 per lb, or almost 1%, from a close of $0.4832 per lb on Thursday November 7. Week on week, the most actively traded soyoil futures contract was up by more than 5% in value.
Aside from the ongoing rally in palm oil prices in Malaysia, the other key factor affecting the soybean oil market this week was the outcome of the US presidential election on Tuesday November 5.
Soybean oil futures raced to a multi-month high amid robust US export demand and the perception that President-elect Donald Trump could impose higher tariffs on foreign imports of used cooking oil, specifically from China.
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