Nearby prices at the crush plants were down 50 cents to unchanged this week. U.S. Department of Agriculture released its latest supply and demand reports last week. USDA put soybean production at 4.129 billion bushels, above the trade’s expectation of 4.108 billion bushels and the October estimate of 4.104 billion bushels.
But nearly half of Indiana’s corn is turned into ethanol as a fuel blend for cars, and nearly one-quarter of the soybean crop is turned into biodiesel for heavy-duty trucks.
Soybean oil prices soared to a record high on Friday as Indonesia's decision to effectively ban exports of palm oil heightened concerns about already depleted global supplies of alternative vegetable oils. The loss of shipments from Ukraine, the world's top supplier of sunflower oil, and drought in the world's top soybean oil exporter Argentina had already sparked a sharp rise in global vegetable oil prices.
Soybean oil prices have soared to a record high as Indonesia's decision to effectively ban exports of palm oil heightened concerns about already depleted global supp.