The US soybean futures complex in Chicago advanced to start the first full week of 2025 on Monday January 6.
The benchmark March soybean oil futures contract settled at $0.4033 per lb on Monday, up by $0.0040 per lb, or 1%, from the previous close of $0.3993 per lb on Friday January 3.
The US dollar index was under pressure on Monday after US President-elect Donald Trump denied media reports that he is considering applying a new tariff program only to certain goods and services that are critical to national or economic security.
Shortly after the November 2024 US presidential election, Trump promised to impose new tariffs on the imports of all goods from China, Mexico and Canada starting in January when he is sworn into office.
Trump vowed to implement an additional 10% tariff on all Chinese products, which would include used cooking oil (UCO), and place a 25% tariff on all Canadian goods, which would include canola oil.
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