Houston — Chicago Board of Trade front-month soybean oil futures reached their lowest level since October after worries about the further spread of the coronavirus hammered grain and oilseed markets.
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The March soybean oil contract settled 1.15 cents lower at 29.49 cents/lb, the lowest settle since reaching 29.06 cents/lb on October 2.
Agricultural markets on Monday plunged as worries over the spread of the coronavirus outside China stoked concerns about falling demand for commodities.
In addition to soybean oil futures, soybean and soybean meal futures also saw prices tumble. The March soybean contract fell 16.25 cents to $8.7425/bu. The March soybean meal contract fell $3.10 to $286.10/st.
Soybean oil is the most common feedstock for biodiesel production in the US. According the most recent data from the US Energy Information Administration, 57.6% of all biodiesel production in the US in 2019 used soybean oil as a feedstock.