Bean Oil Prices Break Out

Soybean oil prices broke out on Friday and continue to rise on Tuesday following the long holiday weekend. Strong demand for seed oils have buoyed prices, as a short squeeze in the futures market helped prices gain traction. Below normal precipitation is forecast in the mid-west over the next 8-14 days, which could buoy soybean prices and help seed oil remain elevated.

According to the most recent commitment of trader’s report…