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CBOT Soybean Oil Falls 1.3% Following Crude Oil's Drop Below $70 on Wednesday

2026-06-24 23:39:07

CBOT soybean oil futures declined 1.3% at the close on Wednesday, trailing crude oil's decline, according to reports. U.S. crude oil prices fell below $70 per barrel, marking the lowest level since March 2, as supply concerns eased following the departure of tankers previously stranded at the Strait of Hormuz. Soybean oil futures typically follow crude oil trends, as soybean oil is a key feedstock for biofuel production.

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