Rally in Crude Lifts Soybean Oil Prices

Rally in Crude Lifts Soybean Oil Prices

Rally in Crude Lifts Soybean Oil Prices

Vegetable oil prices were mixed on Monday as overnight weakness in crude oil weighed on palm oil prices. However, crude oil rallied sharply during U.S. trading hours to reverse an early decline in soybean oil futures. Crude oil futures rallied as in some of the states experiencing a resurgence in the coronavirus pandemic, the acceleration in the number of new cases slowed. It is difficult to know whether the data released Monday represents a real change in the trend or is simply due to the well-known lag in reporting that has typically occurred on Sunday. Data on Tuesday should settle the issue and guide the direction of crude oil and vegetable oil prices in the coming weeks.

Soybean oil futures gained 1 1/2 percent or less (July contract +42 basis points per pound) as a late-session sell-off limited the advance. Buying at the…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

View a Sample Price Report Downloadable PDF

  • This field is for validation purposes and should be left unchanged.

*all fields required

More from the author

07.07.2020

Soybean Oil Prices Rally on Fund Spreading

06.30.2020

Bullish U.S. Acreage Data Drives Soybean Oil Higher

06.24.2020

Rising COVID Infections Trigger Vegetable Oil Market Selling

Latest News

04.14.2020

Podcast: Feedstocks to Biofuels Market Intelligence Weekly Webinar

02.11.2020

Small Refinery Exemptions

Blog

07.07.2020

Quality Management Systems

Latest Tweets

Chase Hubbard is on Thursday's discussion of The ‘Lo Down: Real Talk With Hemp Farmers. We’re going over the hemp marketplace with a fine-tooth comb, from pricing to ... forecasting, commoditization challenges, policy and much more #cbd #hempfarming https://www.instagram.com/p/CBDjGLSBXdb/

Webinar on 2020 Organic Corn and Soybean planting survey results, presented tomorrow. https://us02web.zoom.us/webinar/register/WN_tq4BSybeQ-K8lw8yE5vBjA #organic #organicfood ... #grain #corn

Load More...