Soyoil Prices Hit Lowest in Over a Month on Lack of China Demand

Soybean oil futures fell to the lowest in more than three months as top shipper Argentina moved to temporarily scrap export tariffs on the country’s crop cargoes, adding pressure to US soy prices already weighed down by a lack of demand from China.

Argentina’s President Javier Milei made the bid to bring dollars into the country to shore up a market selloff before a crucial midterm election. The move heaped even more pressure on US farmers already harvesting a soy crop with ongoing risks to demand.