Soy Complex Weakness Drives Soybean Oil Prices Lower

Soybean oil prices fell on Thursday as disappointing export sales data and selling across the soybean complex triggered long oil share liquidation by the funds. With weakness on the Dalian exchange and without the support of the Malaysian market, which was closed in observance of a national holiday, traders were free to push prices sharply lower in the overnight session. The overnight decline extended the selling from the high set just after the opening of U.S. trading on Wednesday and drove prices almost 2 1/2 percent lower before the market set the low for the day, just after the U.S. opening on Thursday.

Prices moved higher shortly after the U.S. opening but traded sideways for most of the…