The formation of the new US Administration from opponents of "green" energy collapsed soybean oil prices by 6.6%

Soybean oil futures on the Chicago Stock Exchange collapsed yesterday after Trump announced appointments to the new Administration. It is clear that its representatives will carry out all Trump's orders, including the promised reduction in aid to "green" generation and increased oil production.

Trump has nominated ex-congressman Lee Zeldin to head the Environmental Protection Agency (EPA), whose first task will be to roll back Biden's environmental climate rules, including rules on vehicle emissions and rules aimed at reducing pollution from power plants and oil and gas producers.

Zeldin has already said he will restore US energy dominance and the auto industry to bring back American jobs and make the US a world leader in AI, as well as protect access to clean air and water.

The soybean oil market immediately reacted to the appointment, and December futures on the Chicago Stock Exchange fell 6.6% in two sessions to $996/t. But they are still 7.6% higher than the previous month, supported by a downgrade in the U.S. soybean production forecast in the latest USDA report.

December palm oil futures on Malaysia's Bursa exchange fell 4.2% to 4,987 ringgit/t, or $1,140/t, in two sessions, essentially giving up the week's gains on a 15% drop in November exports.

Oil prices remain at the level of $72/barrel, but traders expect them to decrease against the background of further reduction in global demand.