Profit-Taking Drives Vegetable Oil Prices Lower

World vegetable oil prices were mostly lower Thursday on profit-taking following a rally over much of the last two weeks. Weakness in crude oil futures also contributed to the bearish tone, but fundamental data also pressured palm oil.

Soybean oil futures were narrowly mixed with nearby contracts down less than 1/4 percent (July contract -4 basis points per pound) while some deferred prices rose more than 1/4 percent (July 2021 contract +10 basis points). Prices traded substantially lower in the overnight session on weakness in crude oil. However, a sharp rally in soybean futures dragged soybean oil prices higher to erase most of the overnight…