Soybean Oil Futures Fall on Fund Liquidation in Oil Share
Vegetable oil markets were mixed on Thursday as the rally on Wednesday in soybean oil prices contributed to strength in palm oil, but the liquidation of long oil share positions weighed on soybean oil futures. Overnight strength in crude oil prices also supported palm oil values, but a steady move lower during U.S. trading hours contributed to the bearish tone in the soybean oil market. Crude oil ended the day down about 3/4 percent but settled about 1/2 percent above the low of the day, which occurred at the closing of agricultural trading. Cash vegetable oil markets around the world have fallen sharply in the past week and may contribute to weakness in futures prices in the short term.
Soybean oil futures declined by more than one percent (December contract -36 basis points per pound). Selling above the upper…
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