Soybean oil prices tank on small RFS increase and canola pathway approval

In the Ukraine, GrainTrade reports soybean oil prices fell by nearly 17% on the week on the Chicago Board of Trade as a result of the Environmental Protection Agency only raising biodiesel blending by 1% over the next three years, together with the EPA also approving canola as an approved biodiesel feedstock. Prices are now around the same levels as when Russia invaded Ukraine earlier this year. Sunflower oil prices also fell by $50 per metric ton to $1,300/t CIF.