Soyoil Futures Surge To All-Time High On Biofuel Demand

U.S. soybean oil futures rallied to a record high on Monday, with tight supplies in focus due to strong demand from the biofuel sector as drivers return to roads following COVID-19 related shutdowns.

Chicago Board of Trade soybean oil for July delivery was up 0.37 cents at 71.71 cents per lb at 8:36 a.m. CDT (1336 GMT). Prices peaked at 73.74 cents, the highest ever, during the overnight trading session.

Soyoil futures have jumped 71.3% this year due to dwindling supplies of soybeans that have left end users scrambling to keep up with global demand for food and feed products, let alone greener fuels like renewable diesel.