Bearish Palm Oil Data Triggers Selling in Vegetable Oils
World vegetable oil prices were mixed on Monday as bearish fundamental data pressured palm oil futures while buying across the soybean complex supported soybean oil prices. Crude oil trading was volatile during the U.S. session, but values have risen steadily from the low set Friday afternoon. With the Malaysian Palm Oil Board ( MPOB) report out of the way, soybean oil traders will look forward to the monthly World Agricultural Supply and Demand Estimates (WASDE) report from the United States Department of Agriculture (USDA), scheduled for release at 11 a.m. (CDT) on Wednesday. While traders will react to any changes in USDA’s soybean oil balance sheets, its prediction of U.S. soybean production could drive soybean oil futures higher or lower in the short term.
Nearby soybean oil futures were…
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