Chicago Soy Oil Jumps 4% as Crude’s Rally Boosts Biofuel Demand

Bloomberg.com · last updated March 8, 2026 – 7:06 PM

Chicago soybean oil prices futures surged more than 4% at the open, as a spike in energy prices driven by the conflict in the Middle East lifts demand for crops used in biofuel production.

Crude oil broke through $100 a barrel on Monday as more major Middle East producers curbed production and the Strait of Hormuz remained all but closed. That is raising prices for vegetable oils and grains used in crop-based fuels.

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