Argentine soyoil discount to US supplies falls to decade low
Updated
Updated · Bloomberg · May 8
Argentine soyoil discount to US supplies falls to decade low
7 articles · Updated · Bloomberg · May 8
The gap reached about 24 cents a pound below Chicago Board of Trade benchmark futures this week, before narrowing slightly to 23.6 cents on Friday, Commodity3 data showed.
Argentina is the world's biggest soybean oil exporter, and the discount has hit its lowest level in a data series stretching back to 2016.
Prices were pressured as the Pampas harvest gathered pace, while higher US biofuel blending mandates boosted demand for rival American supplies.
A record price chasm divides US and Argentine soy oil. Is this a fleeting market anomaly or the new normal for global trade?
As biofuel mandates push US soyoil prices to new highs, are American consumers about to pay more for their food?
With China and Europe curbing soy demand, can US biofuel mandates alone prevent a global price crash for soybean oil?