Soybean oil prices in Chicago rose 6% and will continue to rise amid proposals to increase biofuel production in the US and a jump in oil prices

July soybean oil futures in Chicago rose 6% to $1,112/t on Friday (+3% for the month) and have now reached $1,164/t (+11% from Thursday) amid a sharp 7% jump in oil prices caused by Israeli strikes on Iran and the US government’s decision to sharply increase US biofuel production mandates for 2026 and 2027 by more than producers had requested. August Brent crude futures rose 11% on Friday amid the open war between Iran and Israel, but closed the session up 7.26% to $74.1/barrel. The information that Iran has invited negotiations and is ready to abandon the development of nuclear weapons has reduced the speculative impact on oil quotes. The U.S. soybean and soybean oil market received a significant boost on Friday as the U.S. Environmental Protection Agency (EPA) released a long-awaited proposal to commit to renewable biofuel production of 7.12 billion RINs (approximately 5.61 billion gallons) by 2026 and 7.50 billion RINs (approximately 5.86 billion gallons) by 2027, significantly ...