Argentina Soyoil Trades at Decade Low to US on Harvest, Biofuels

Soybean oil from Argentina, the world’s biggest exporter, is trading at the cheapest in at least a decade relative to rival supplies out of the US, as the harvest on the Pampas crop belt hits full stride and after Washington increased biofuel blending mandates.

The discount paid for Argentine soyoil fell to about 24 cents per pound below global benchmark futures on the Chicago Board of Trade this week, according to Commodity3 data. That’s the lowest level in a series going back to 2016. The gap on Friday was slightly narrower at 23.6 cents.