Vegetable Oil Markets Continue Move Lower Despite Surge in Crude Oil Prices
World vegetable oil prices continued to move lower on Monday despite a massive surge in crude oil futures, which took prices from almost nine percent lower during the overnight session to settle more than eight percent higher. In addition to ignoring the rally in crude oil, the two major vegetable oil markets did not move lower for the same reasons.
Soybean oil futures lost about 1 1/4 percent (July contract -35 basis points per pound) on weakness across the soybean complex due to rising tensions between the U.S. and Chinese governments. However, futures settled well above the low of the day due to buying at the 10-day moving average. Given that political tensions are likely to continue ahead of the U.S. election, it may be difficult for soybean oil futures…
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