Soybean oil quotations are declining against the backdrop of uncertainty in the US biofuel market and falling oil prices, but the reduction of duties in India will strengthen demand

July quotations for soybean oil in Chicago on Friday fell another 3.2% to $1,035/ton (-5.2% over three sessions, -5.3% over a month) against the backdrop of reduced export demand for expensive American oil, possible cancellation of duties on Canadian rapeseed oil used for biofuel production in the USA, and information that the White House seeks not to reduce biofuel production mandates for small oil refineries. Sharp oil price declines are also putting pressure on prices. July Brent crude futures fell 2.4% over two sessions to $62.8/barrel (+3% over a month) against the backdrop of escalating trade tensions between the US and China and the OPEC+ decision to increase crude oil production in July by over 411,000 barrels/day. However, on Monday, oil quotations recovered from this decline and rose on expectations of a Russian strike against Ukraine in response to a powerful Ukrainian drone attack on Russian strategic aviation aircraft and against the backdrop of threats from the US ...