Vegetable Oil Prices Mixed as Crude Oil Resumes Rally

World vegetable oil prices were mixed on Friday, while a volatile session in crude oil ultimately left prices higher. Crude oil traded lower in the overnight session, but rallied steadily in the U.S. session and was up more than $1 per gallon when soybean oil trading ended for the week.

Soybean oil futures traded on both sides of unchanged before settling marginally lower. However, buying at the 5-day exponential and 10-day moving averages helped to limit the decline. Soybean oil futures have consolidated the gains from the first two days of trading in the holiday-shortened week, but remain in the recent trading range. If crude oil remains supported, The Jacobsen would expect soybean oil…