Trump halts the "Freedom Plan", triggering a massive shock in the commodity market. Soybean oil hits a three and a half year high before falling back in response.

Due to the announcement by US President Trump of suspending the US-led escort operation in the Strait of Hormuz, crude oil prices plummeted significantly, and soybean oil futures contracts also fell from their highest point in three and a half years. Trump stated that there had been "significant progress" in reaching a peace agreement between the US and Iran, and confirmed the temporary suspension of the "Freedom Plan" escort operation in the strait, which had only been implemented for one day. With expectations of easing tensions in the Middle East crisis, crude oil prices fell for the second consecutive day, with Brent crude trading around $108 per barrel. Soybean oil, as an important raw material for biofuels, is usually highly correlated with the price of crude oil. The recent surge in oil and gas prices driven by the conflict further boosted demand for alternative energy sources. After reaching its highest level since November 2022 on Tuesday, the most active soybean oil futures contract fell by 0.9% on Wednesday. However, Joe Davis, director of the Chicago brokerage firm Futures International, stated that due to strong global demand for biofuels, the drop in soybean oil prices was not as significant as crude oil. Brent crude futures fell by 2.1% at one point, but later narrowed some of the decline. Davis pointed out, "The overall sentiment in the global vegetable oil market is bullish." He emphasized that the US market has strong demand, with the government raising biofuel quotas to promote domestic consumption. He also mentioned that as soon as soybean oil prices fell, buyers quickly bought on dips, reflecting a strong bullish sentiment in the market.