The Soybean oil prices are spiking in global markets. The benchmark US Soybean oil futures soared today to hit 69.90 cents per pound- their highest level in around eight months as markets eye spiraling global crude oil prices. Fears that Russia may invade Ukraine have pushed up WTI Crude near seven year highs and edible oil markets are also moving in tandem. Global edible oil market is on a boil in last few weeks driven by a surge in Crude Palm Oil (CPO). CPO futures hit record supported by major supplier Indonesias recent move to expand its export permit requirement for all palm oil products.
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