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.
How is vegetable oil processed?
The processing of vegetable oil in commercial applications is commonly done by chemical extraction, using solvent extracts, which produces higher yields and is quicker and less expensive. The most common solvent is petroleum-derived hexane. This technique is used for most of the "newer" industrial oils such as soybean and corn oils.
How is edible oil processed?
In the processing of edible oils, the oil is heated under vacuum to near the smoke point or to about 232 °C (450 °F), and water is introduced at the bottom of the oil. The water immediately is converted to steam, which bubbles through the oil, carrying with it any chemicals which are water-soluble.
How is canola oil made?
Canola oil is made at a processing facility by slightly heating and then crushing the seed. Almost all commercial canola oil is then extracted using hexane solvent, which is recovered at the end of processing.