Strength in Soybean Market Drives Rally in Soybean Oil Prices

Strength in Soybean Market Drives Rally in Soybean Oil Prices

Strength in Soybean Market Drives Rally in Soybean Oil Prices

World vegetable oil prices rallied on Monday despite fund liquidation of long oil share positions and bearish cargo surveyor data in Malaysia. A resumption in the rally of vegetable oil prices on the Dalian exchange and higher cash vegetable oil prices contributed to the bullish tone. Strength in crude oil prices, which settled nearly two percent higher, also triggered buying in vegetable oil contracts.

Soybean oil futures rose nearly 1 1/2 percent (December contract +44 basis points per pound) on the strength in soybean prices and bullish data from the National Oilseed Processors Association (NOPA). The move higher nearly erased the decline in prices late last week but left the benchmark December contract just below the recent high set on Wednesday at 31.55 cents. Selling at the upper Bollinger band and fund…

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