Soyoil futures rocketed higher on global demand for vegetable oil and soy-based biodiesel fuel. (File pic shows soya bean in Brazil being prepared for export to China)
CHICAGO: U.S. soybean futures set an 8-1/2-year high on Wednesday after a key U.S. government crop report projected that supplies of the oilseed would remain tight even after the 2021 U.S. harvest.
Soaring CBOT soybean oil futures lent support, with the thinly traded May soyoil contract reaching 72.32 cents per pound, an all-time high on a continuous chart of the spot contract, before paring gains.
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