Bullish WASDE Drives Soy Complex Prices Higher

Bullish data from the United States Department of Agriculture (USDA) released on Friday, drove soybean oil prices higher. Palm oil prices only moved modestly as traders in Malaysia waited for the results of the USDA report before committing to new long positions. Crude oil prices were modestly higher on Friday but were sharply lower for the second consecutive week.

USDA published its monthly World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports, which triggered buying across the soybean complex. USDA’s changes to its U.S. soybean oil balance sheets were generally bullish, but rising soybean futures triggered the liquidation of long oil share positions, which limited gains. Still, with the Malaysian Palm Oil Board (MPOB)…