Soybean Oil Futures Post Largest Monthly Gain Since December

Soybean Oil Futures Post Largest Monthly Gain Since December

Soybean Oil Futures Post Largest Monthly Gain Since December

Soybean oil futures rallied on Friday as a combination of strength in soybean and crude oil markets, fund spreading, and technically-driven buying drove prices higher. The palm oil market was closed in observance of the Eid-al-Adha holiday, but soybean oil futures gained about two percent (September contract +58 basis points). Traders ran stops above the 200-day moving average, which left futures to settle near the highs of the day.

For the week, soybean oil futures gained nearly two percent (September contract +55 basis points) to settle at the highest price since February 24. For the month, prices rose more than 7 1/2 percent (September contract +217 basis points) for the largest…

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