Soybean Oil Futures End of Day Settlement Price. 1,257.08. US Dollars per Metric Ton. Price in Cents per pound: 57.02. Contract Month: MAY21. As of: Tuesday, March 23, 2021. Source: CBOT – CME Group. Open: 1,268.98.
What is soybean oil?
Soy oil is the oil extracted from soybeans. Crude soybean oil undergoes further refinement- degumming, refining, bleaching, and deodorizing and forms refined soy oil. Soybean oil is the leading vegetable oil traded in the international markets, next only to palm oil. It has a share of 24% in total vegetable oil consumption.
How is soybean oil made?
To make soybean oil, raw soybeans are run through a catalytic cracker in a refinery. The oil is extracted and the remaining byproduct is turned into soybean meal, another tradable commodity. One bushel of soybeans produces 11 pounds of soybean oil and approximately 48 pounds of soybean meal. The oil itself has a light-yellow color and a mild taste.
How much oil does a bushel of soybeans produce?
One bushel of soybeans produces 11 pounds of soybean oil and approximately 48 pounds of soybean meal. The oil itself has a light-yellow color and a mild taste. It can also be used in paint, plastics, lubricants, hair dyes, and biofuel as well as salads, shortening and margarine.
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