CBOT soybean oil rose sharply, the benchmark period closed about 3.37% higher

On June 7, according to media reports, the CBOT soybean oil futures market soared, and the benchmark period closed about 3.37% higher, hitting the highest level in the past four weeks.

Active arbitrage between buying soybean oil and selling soybean meal boosted the soybean oil market, traders said.

The Biden administration plans to drop a proposal to include the electric vehicle industry in the U.S. biofuel blending program and withdraw potentially billions of dollars in tradable credits that had been included in the plan, according to people familiar with the matter.