US soybean oil futures shifted lower on Monday January 27, ending the week’s opening session with a marginal loss.
Benchmark March soybean oil futures — which have climbed by about 13% since January 1 — settled at $ 0.4500 per lb on Monday, down by $0.0022 per lb from $0.4522 per lb previously, as weaker crude oil prices weighed on the market.
The agricultural markets were also down on “trade war” worries that were ignited after US President Donald Trump threatened to implement tariffs on imports from Colombia over the weekend. Trump later pulled back on his statement once the South American country said it would accept US airplanes returning deportees.
Colombia is an exporter of grains and vegetable oils to the US.
Since the start of the new year, soybean oil prices have been grinding higher overall, after the market received long-awaited guidance regarding the Clean Fuel Production Credit (CFPC), or 45Z.
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