World Vegetable Oil Prices Mixed Following Data Release
World vegetable oil prices were mixed on Thursday. However, traders’ reactions to the data released by the United States Department of Agriculture (USDA) and the Malaysian Palm Oil Board (MPOB) on Thursday were minimal. A sharp correction in crude oil prices drove soybean oil futures lower, while cargo surveyor data indicating a sharp jump in Malaysian palm oil shipments supported prices. The sharp correction in crude is likely to be the primary driver of prices over at least the balance of this week.
Soybean oil futures fell about 1 3/4 percent (July contract -50 basis points) to the lowest close in June. Selling at the five-day exponential and 10-day moving averages contributed to the weakness while buying at the 20-day moving average limited the decline. The USDA data was slightly bearish as USDA lifted its…
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