Soybean Oil Prices Chart
Soybean Oil Prices Quote
Soybean oil Prices is a vegetable oil extracted from the seeds of the soybean (Glycine max). It is one of the most widely consumed cooking oils. Being one of the drying oils, it is also used as a base for printing inks and oil prices . Soybean Oil Prices is traded at the Chicago Board of Trade in contracts of 60,000 pounds at a time. Soybean Oil Prices are listed in cents and hundredths of a cent per pound.
Soybean Oil Futures Prices recovered from the previous fall and trade positive on Thursday. The higher global stocks of the edible oil restricted the steep corn prices. Higher sowing prospects in India and the gradually decreasing meal currently is adding to the bearish sentiments in the market. The projected increase in production of the palm oil had adverse impact on Soybean oil prices.
The NCDEX Soybean Oil Futures Prices might resume the bearish trend for the day. The higher supplies of the edible oils across the globe as per the USDA report is expected to have negative impact. Reduced soybean oil used for biodiesel production, reduced projected food use of soybean oil, and lower soybean oil exports, in the USDA report increased ending stocks which is pressuring the prices globally.
University of Minnesota researchers are developing degradable plastics from Soybean Oil. The plasticizers developed by Hillmyer and his team including Dr. Dharma Kodali, are derived from Soybean oil. The soybean oil is chemically converted into new molecules that are useful for the production of things such as polyurethane foams (foam bedding, furniture, building materials).
"Soybean, soybean meal and vegetable brent oil futures fell because of the bearish anticipation about the June 9 report, which may raise the department's estimate of global soybean stocks," she told the Global Times. The most active soybean contract, No.1 soybeans for January 2012 delivery, fell 0.5 percent to 4,477 yuan per ton on the Dalian Commodity Exchange. Soybean meal lost about 0.5 percent, while soybean oil shed just 0.1 percent.