In the 2002?2003 growing season, 30.6 million tons (MT) of soybean oil were produced worldwide, constituting about half of worldwide edible vegetable oil production, and thirty percent of all fats and oils produced, including animal fats and oils derived from tropical plants.
Where is soybean oil traded?
Soybean oil is traded at the Chicago Board of Trade in contracts of 60,000 pounds at a time. Prices are listed in cents and thousandths of a cent per pound, with a minimum fluctuation of 5/1000 cents. It has been traded there since 1951.
Where did soybeans come from?
Soybeans were cultivated in China by the late Shang dynasty, around 1000 BCE. Shijing, the Book of Odes, contains several poems mentioning soybeans. To produce soybean oil, the soybeans are cracked, adjusted for moisture content, heated to between 60 and 88 °C (140?190 °F), rolled into flakes, and solvent-extracted with hexanes.
How is soybean oil made?
Shijing, the Book of Odes, contains several poems mentioning soybeans. To produce soybean oil, the soybeans are cracked, adjusted for moisture content, heated to between 60 and 88 °C (140?190 °F), rolled into flakes, and solvent-extracted with hexanes. The oil is then refined, blended for different applications, and sometimes hydrogenated.