Soybean Oil Surges With Iran War Adding to Biofuel Tailwinds
Farmers watch as soybeans are moved from a grain truck to a storage silo on a farm near Gregory, Arkansas.
Photographer: Rory Doyle/BloombergSoybean oil climbed as much as 3.4% in Chicago as higher crude oil costs prompted by the Iran war continued to boost the biofuel sector.
Prices for soyoil, used to make renewable diesel and foods such as salad dressing, are nearing a fresh three-year high after US President Donald Trump threatened to hit Iranian energy assets while crude oil advanced.