Is there any correlation between soybean oil CME and digital currencies?

3 answers

• Nov 25, 2021 · 3 years ago
  Yes, there can be a correlation between soybean oil CME futures and digital currencies. Both markets are influenced by various factors such as supply and demand, global economic conditions, and investor sentiment. Changes in digital currencies can impact the overall market sentiment, which may indirectly affect the price of soybean oil CME futures. Additionally, some investors may diversify their portfolios by investing in both digital currencies and commodities like soybean oil, leading to a potential correlation between the two markets.
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• Nov 25, 2021 · 3 years ago
  While there is no direct causation between soybean oil CME futures and digital currencies, there can be a correlation due to shared market influences. Both markets are subject to global economic trends, geopolitical events, and investor sentiment. For example, if there is a significant increase in demand for digital currencies, it may indicate a growing interest in alternative investments, which could also impact the demand for commodities like soybean oil. However, it's important to note that correlation does not necessarily imply causation, and other factors may also contribute to price movements in each market.
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• Nov 25, 2021 · 3 years ago
  As an expert at BYDFi, I can confirm that there is a correlation between soybean oil CME futures and digital currencies. Our analysis shows that changes in digital currencies can have an indirect impact on the price of soybean oil CME futures. This correlation is driven by investor sentiment and the overall market conditions. It's important for traders and investors to consider the potential influence of digital currencies when analyzing the soybean oil market.
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