Soybean Oil Gains as Trump Plans Farmers, Biofuel Makers Meeting

Soybean oil rallied amid expectations the Trump administration will finalize US biofuels blending policy before farmers and renewable fuel producers meet at the White House next week.

President Donald Trump invited fuel makers and farmers to attend a “celebration of agriculture” at the White House on March 27, CBS reported. The announcement is raising hopes that more robust federal fuel-mixing mandates are in the offing that would expand demand for record US crops.

Soyoil futures rose as much as 3.9% Tuesday, the most in nearly a week, after closing limit down Monday along with soybeans.

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