Soybean Oil Prices Unchanged Ahead of WASDE

Soybean Oil Prices Unchanged Ahead of WASDE

Soybean Oil Prices Unchanged Ahead of WASDE

Vegetable oil markets were marginally changed on Thursday as palm oil traders digested a pair of bullish fundamental reports. However, concerns about rising output and the desire to wait until the United States Department of Agriculture (USDA) published its monthly World Agricultural Supply and Demand Estimates (WASDE) kept a lid on any attempt to rally. Soybean oil traders are also awaiting the WASDE report, which will feature the first set of objective yield data for the 2020/21 crop from sample plots across the Corn Belt. Weakness in crude oil prices, which fell by about 2 1/2 percent, also capped any bullish enthusiasm.

Soybean oil futures were marginally mixed (December contract -1 basis point per pound). Selling at the 10-day moving average limited an overnight attempt to rally while buying at the five-day exponential moving average limited…

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