Soft commodities · ZL

Soybean oil price

Soybean oil currently trades at US$0.7200 per pound (≈ €0.6123 · £0.5366) — close to the 12-month high. Over the past 12 months it has gained 45.66%, with the annual range running from US$0.4618 to US$0.7626. 24-hour movement is minimal (±0.00%).

US$0.7200 / pound
≈ €0.6123 ≈ £0.5366 Unchanged 24h 86% within the 52-week range
FX Editorial Team · Data updated: · Editorially verified
Soybean oil (ZL) price today US$0.7200 / pound, ↑ +0.00% (24h)

Soybean oil chart

Interactive chart and 30-day overview

7 days
▼ −0.44%
−US$0.0032
30 days
▼ −0.12%
−US$0.0009
1 year
▲ +45.66%
+US$0.2257
52-week range
US$0.4618 86% US$0.7626
Soybean oil (ZL) 30-day price chart — USD, EUR, GBP

The Soybean oil chart shows how the soybean oil price has moved over time. The interactive view lets you switch the timeframe (from 7 days up to MAX), the currency (USD / EUR / GBP) and overlay moving averages. Click any two points to measure the percentage change between those dates.

How is soybean oil priced?

Soybean oil is quoted per pound (1 lb = 0.4536 kg) on the major US futures exchanges, including the COMEX, CME and ICE. The pound is the legacy commercial unit for North American agricultural and metals contracts.

At US$0.7200 per pound, one kilogram costs about US$1.59. Industrial buyers usually negotiate in tonnes, while retail or specialty trade still references the pound — particularly for soft commodities and base-metal cathodes.

What drives the price of soybean oil?

Demand for biodiesel and renewable diesel is the main long-term price driver in soybean oil. In the United States, the Renewable Fuel Standard (RFS) biomass-based diesel category, linked to D4 RINs, sets blending obligations that have increased over time. Expansion in renewable diesel capacity also raises feedstock demand, as renewable diesel can be handled within petroleum-refining infrastructure, unlike conventional biodiesel. In the EU, the RED III renewable energy directive and FAME blending obligations put soybean oil in competition with rapeseed oil and used cooking oil (UCO). The EPA publishes monthly data on RIN generation and compliance, and relevant regulatory announcements can move the CBOT ZL contract.

Palm oil substitution is the most important short-term competitive factor for soybean oil. The four main global vegetable oils — palm oil (~80 million tonnes of annual production), soybean oil (~60 million tonnes), rapeseed oil (~32 million tonnes) and sunflower oil (~22 million tonnes) — are interchangeable across much of the bakery, edible-oil and biodiesel markets. Indonesia and Malaysia account for more than 85% of global palm oil output. Indonesia’s B35 / B40 biodiesel blending rules, Malaysian export quotas and Bursa Malaysia FCPO (Crude Palm Oil Futures) prices feed directly into Chicago soybean oil pricing. When the palm oil premium narrows, processors switch to palm oil; when it widens, demand for soybean oil strengthens.

Chinese edible-oil demand and the economics of the crush margin complete the main set of market drivers. China is the world’s largest soybean importer, bringing in about 100 million tonnes of soybeans a year, mainly from Brazil and the US. Imported beans are crushed in domestic plants, so most of China’s soybean oil and soybean meal is produced locally; nevertheless, Chinese processing margins and state stock policies have a material impact on the global market. Prices are shaped by the global soybean crop — about ~400 Mt a year under USDA WASDE estimates, including Brazil at ~155 Mt, the US at ~115 Mt and Argentina at ~50 Mt — and by processors’ crush margins. A processor raises crushing volumes when the combined sale price of soybean oil and soybean meal is sufficiently above the purchase price of soybeans. That directly controls how much soybean oil reaches the market.

How to invest in soybean oil

Investors can access the soybean oil market without taking physical delivery through exchange-traded futures contracts, mainly CBOT Soybean Oil Futures under the ZL ticker; CFDs on soybean oil prices, often listed as SOYOIL, with more limited liquidity; and shares of major oilseed-crushing companies such as Archer Daniels Midland (ADM), Bunge (BG) and Singapore-listed Wilmar International (F34.SI). Futures and soybean oil CFDs provide the most direct commodity exposure. Agribusiness equities are more indirect and carry company-specific risks across the oilseed crush value chain. Examples of regulated brokers offering soybean oil CFDs and agribusiness shares include:

30-day price history

Chart and daily closing prices

Soybean oil (ZL) 30-day price chart — USD, EUR, GBP

Daily close

30 trading days

Date Price (USD) Price (EUR) Price (GBP) Daily change
23 May 2026 US$0.7200 €0.6123 £0.5366 ▼ −1.03%
22 May 2026 US$0.7275 €0.6187 £0.5422 ▼ −0.45%
21 May 2026 US$0.7308 €0.6215 £0.5447 ▼ −0.08%
20 May 2026 US$0.7314 €0.6220 £0.5451 ▼ −1.11%
19 May 2026 US$0.7396 €0.6290 £0.5512 ▼ −0.26%
18 May 2026 US$0.7415 €0.6306 £0.5526 ▲ +2.53%
16 May 2026 US$0.7232 €0.6151 £0.5390 ▼ −0.97%
15 May 2026 US$0.7303 €0.6211 £0.5443 ▲ +0.76%
14 May 2026 US$0.7248 €0.6164 £0.5402 ▼ −2.03%
13 May 2026 US$0.7398 €0.6292 £0.5514 ▲ +0.34%
12 May 2026 US$0.7373 €0.6271 £0.5495 ▲ +1.49%
11 May 2026 US$0.7265 €0.6179 £0.5415 ▼ −0.82%
10 May 2026 US$0.7325 €0.6230 £0.5459 ▼ −1.52%
6 May 2026 US$0.7438 €0.6326 £0.5544 ▼ −2.40%
5 May 2026 US$0.7621 €0.6481 £0.5680 ▼ −0.07%
4 May 2026 US$0.7626 €0.6486 £0.5684 ▲ +2.07%
2 May 2026 US$0.7471 €0.6354 £0.5568 ▼ −0.04%
1 May 2026 US$0.7474 €0.6356 £0.5570 ▲ +0.34%
30 Apr 2026 US$0.7449 €0.6335 £0.5552 ▲ +2.84%
29 Apr 2026 US$0.7243 €0.6160 £0.5398 ▲ +0.86%
28 Apr 2026 US$0.7181 €0.6107 £0.5352 ▲ +0.36%
27 Apr 2026 US$0.7155 €0.6085 £0.5333 ▲ +0.35%
25 Apr 2026 US$0.7130 €0.6064 £0.5314 ▼ −1.10%
22 Apr 2026 US$0.7209 €0.6131 £0.5373 ▲ +2.85%
21 Apr 2026 US$0.7009 €0.5961 £0.5224 ▲ +2.07%
20 Apr 2026 US$0.6867 €0.5840 £0.5118 —

Soybean oil: frequently asked questions

Why is soybean oil priced per pound? +
The global benchmark for soybean oil trades on the Chicago Board of Trade, now part of CME Group, under the ZL ticker. The official contract is CBOT Soybean Oil Futures, and it is quoted in US cents per pound under the US customary measurement system. One pound equals 0.4536 kg. The reason is historical: by the late 19th century, Chicago was the centre of US grain trading, and the wider soybean complex — soybeans (ZS), soybean oil (ZL) and soybean meal (ZM) — became standardised on the same market using US units. To convert a dollar-per-pound price into a tonne price, multiply by 2,204.6; for kilograms, multiply by 2.205. A quote of $0.50 per pound is therefore about $1.10 per kg, or roughly $1,102 per tonne at wholesale level.
How much is 1 pound of soybean oil in kilograms and tonnes? +
1 pound (lb) equals 0.4536 kg. That means 1 kg equals 2.205 lb and 1 tonne equals 2,204.6 lb. To convert the international CBOT quote, expressed in US cents per pound, into cents per kilogram, multiply by 2.205. To express it in dollars, divide by 100. For tonnes, multiply the dollar-per-pound price by 2,204.6. Global soybean oil statistics are published in tonnes by the USDA WASDE Oilseeds report and the USDA Foreign Agricultural Service’s Oilseeds: World Markets and Trade. Pound-to-tonne conversion is therefore routine for traders, processors and food-industry buyers.
What is the soybean “crush”, and why does it matter for soybean oil pricing? +
The “crush” is the industry term for processing soybeans. An oilseed processor grinds the beans, extracts the oil through solvent extraction, usually with hexane, and turns the remaining solids into soybean meal. By weight, an average soybean yields roughly 20% oil and 80% soybean meal. The processor’s profit, known as the crush margin, is the difference between the purchase price of soybeans and the combined sale price of soybean oil and soybean meal, after processing costs. When the crush margin improves, processors crush more beans, more soybean oil reaches the market and the ZL price typically weakens. When the margin narrows, processors cut capacity and soybean oil tends to become relatively more expensive.
How do biodiesel blending rules affect soybean oil prices? +
The US Renewable Fuel Standard (RFS) sets mandatory annual blending volumes for the biomass-based diesel category, linked to D4 RINs. Refiners can meet these obligations with biodiesel and renewable diesel made from soybean oil, used cooking oil (UCO), animal fats and other feedstocks. Expansion of renewable diesel capacity creates structural demand for soybean oil because, unlike conventional biodiesel, renewable diesel can be processed and handled within petroleum-refining infrastructure. In the EU, the RED III renewable energy directive and FAME blending obligations have a similar effect. EPA announcements on RIN volumes or small refinery exemptions can trigger material moves in the CBOT ZL contract.
Why does soybean oil compete with palm oil? +
The four main vegetable oils — palm oil (~80 million tonnes of annual production), soybean oil (~60 million tonnes), rapeseed oil (~32 million tonnes) and sunflower oil (~22 million tonnes) — can substitute for each other across much of the bakery, edible-oil and biodiesel markets. Palm oil is the cheapest and most widely produced vegetable oil, with Indonesia and Malaysia accounting for more than 85% of global output. When the palm oil premium, meaning the spread between soybean oil and palm oil prices, narrows or turns negative, edible-oil processors and biodiesel plants switch to palm oil. When the premium widens, for example because of Indonesian export restrictions or supply disruption in palm oil, demand for soybean oil strengthens. The two markets track each other closely, and moves in Bursa Malaysia FCPO prices are quickly reflected in Chicago ZL futures.
Who is the world’s largest producer of soybean oil? +
Global soybean oil production is about 60 million tonnes a year, according to USDA WASDE data. China leads the processing rankings at around 17 million tonnes, mainly by crushing imported soybeans in domestic plants. It is followed by the United States at ~11 million tonnes, Brazil at ~9 million tonnes, Argentina at ~9 million tonnes and the EU at ~3 million tonnes. The ranking is different for raw soybean production: Brazil leads with about 155 Mt, followed by the US at ~115 Mt and Argentina at ~50 Mt. Argentina’s output far exceeds domestic consumption, making it the world’s largest exporter of soybean oil and soybean meal. Major trade flows run from South American export ports to China, India and the EU.
Why does a fall in exchange-traded soybean oil prices not show up in supermarket prices? +
Soybean oil quoted on CBOT is a crude, unrefined product standardised for bulk delivery. Its price is only one part of the final retail price. Crude soybean oil must first be refined through neutralisation, bleaching and deodorisation to become RBD soybean oil. Bottling, logistics, sales taxes/VAT, retailer margins and local currency moves are then added. In many European markets, the main retail cooking oil is not soybean oil but sunflower or rapeseed oil, so supermarket prices often respond more directly to Black Sea sunflower oil or European rapeseed oil prices than to Chicago ZL futures. Soybean oil is more visible in industrial food production, ready meals, margarine and bakery fats than as a household cooking oil in many countries.
Soybean oil CFD or agribusiness shares — what is the difference? +
They have different risk-return profiles. A soybean oil CFD, often listed as SOYOIL, tracks the CBOT ZL futures price more directly. It is leveraged and suited to short-term speculation, but liquidity may be thinner than in major commodity CFDs, spreads can be wider, and financing costs and leveraged losses can be significant. Agribusiness shares such as Archer Daniels Midland (ADM), Bunge (BG) and Wilmar International (F34.SI) provide indirect exposure. They cover the wider oilseed crush value chain, so they react not only to soybean oil prices but also to soybean meal, processing margins, logistics and global agricultural trade. They also carry company-specific business risks, including capacity utilisation, currency effects and regional regulation, but they may offer longer-term, dividend-paying exposure compared with CFDs.

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Data sources: CME Group — CBOT Soybean Oil Futures (ZL) · USDA WASDE — World Agricultural Supply and Demand Estimates (Oilseeds) · USDA Foreign Agricultural Service — Oilseeds: World Markets and Trade · EPA — Renewable Fuel Standard Program