Sell-Off Continues in Vegetable Oil Markets

Sell-Off Continues in Vegetable Oil Markets

Sell-Off Continues in Vegetable Oil Markets

Vegetable oil prices continued to move lower on Tuesday as profit-taking in palm oil pressured prices overnight. During U.S. trading hours, the overnight weakness combined with selling across the soybean complex to weigh on soybean oil. However, a rally during the last 2 1/2 hours of trading, which was driven by fund spreading, limited the decline in soybean oil prices. Weakness in crude oil prices also contributed to the negative tone in world vegetable oil markets.

Soybean oil prices fell about 3/4 percent (September contract -18 basis points per pound). Despite the decline, futures settled more than one percent above the lows set shortly after the U.S. open. Buying at the 20-day moving average limited the decline and triggered the rally, which left the benchmark contract just above the psychologically important 29.5-cent…

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