SOY: Bean Oil Pares Gains as White House Signals No Ethanol Rule
Soybean-oil futures for May delivery gain 4% to close at 33.93c/lb on Chicago Board of Trade, after rising as much as 6.5%.
- Futures gave back a portion of the earlier increase after a White House spokeswoman said no ethanol rule change was in the works
- Prices climbed earlier on report that Trump Administration is considering a plan that would curb imports of biodiesel from Argentina by ensuring domestic producers qualify for a currently-expired tax credit, Bloomberg reports
- “Proposed changes look more positive for biofuel demand,†Don Roose, the president of U.S. Commodities in West Des Moines, Iowa, says in a telephone interview, before White House comments
- “Funds want to be long ahead of the U.S. growing season should any weather problems developâ€
- NOTE: Warm, Dry Weather Increases U.S. Wheat Crop Stress
- Soybean futures for May delivery gain 1.3% to $10.35 3/4 a bushel after earlier touching $10.56 1/4, highest since Feb. 17
- Soybean-meal futures for May delivery up 0.2% to $336.40 per 2,000 lbs
- Soybean oil’s share of the crush margin rose 2.5% to the highest since Feb. 9
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