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Move Over Crude, There's A New Oil In Town

Move over crude oil, there's another oily commodity market that's doing it's own swan dive of late. Who? None other than good old soybean oil.

It has since rebounded a little from the 29 mark, but a 14% drop doesn't quite live up to the 50% drop seen in crude, but it's certainly worth mentioning. And believe it or not, you might use soybean oil nearly as much as you use crude oil every day. We're talking baked goods, salad dressings, and more which use vegetable oil, which usually has as its main ingredient -- soybean oil (mind blown). Naturally, to get soybean oil, one must do something to the soybean itself -- do you "oil" a soybean the same way you "milk" a cow? No, you crush the Soybean -- and end up with two parts, soybean meal and a byproduct, soybean oil. Just think of another legume, peanuts, and what happens to a jar of natural peanut butter if it sits for a while -- all that oil on the top -- and you can imagine how a bunch of oil is locked up inside those…