Chart of the Week: Soybean oil

About this chart:  This is the monthly CBOT Soybean oil continuation chart. You can see the major low at $20.60 in November 2006. From there, prices went sharply higher to the all-time high of $71.26 in March 2008. Then prices went down to the initial low at $25.30 in August 2015, before rallying to 38 cents in December 2016. The next major low ($24.60) came in the Covid-19 crisis in April 2020. Since then, prices have rallied sharply. Now the long-term soybean oil chart shows a potential double top at $71. A close above $71.26 projects soybean oil up to 75 to 80 cents per pound. [Chart source: DTN/ProphetX]

What this means for you: With 12 pounds of soybean oil in a bushel of soybeans, soybean oil is now worth a near-record $8.40 per bushel of soybeans.