Soybean oil cash trading in the US remained quiet on Tuesday November 12.
Traders continued to sit on the sidelines on Tuesday, particularly in light of the day’s massive sell-off in soybean oil futures on the Chicago Mercantile Exchange.
Tracking losses in the palm oil futures overnight, the soyoil market tumbled as funds liquidated long positions, market sources said. Soyoil prices also nosedived after President-elect Donald Trump said he would nominate former New York Representative Lee Zeldin as the new administrator of the US Environmental Protection Agency (EPA).
Zeldin voted against the Inflation Reduction Act (IRA), which contains several major measures and tax credits that support the production of various biofuels using crop-based feedstocks.
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