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…