Soy oil futures strengthen on ITC biodiesel dumping stance and could go higher

In Illinois, soy oil futures rose late last week in response to the US International Trade Commission’s determination that Argentina and Indonesia may be dumping biodiesel on the US market. Rabobank expects a significant tariff similar to the one implemented by the European Union in 2013 will eventually be lobbed on those imports, which will in turn further support soyoil prices in the US. The bank says it could be equivalent to more than 4 billion pounds of soyoil.