USDA Data Triggers Sharp Rally in Soybean Oil Futures
Vegetable oil prices were mixed on Wednesday as overnight weakness was driven by speculative liquidation in Chinese and Malaysian markets ahead of the Golden Week holiday, left palm oil prices sharply lower. However, the United States Department of Agriculture’s (USDA’s) quarterly Grain Stocks report triggered a sharp rally across the soybean complex, which left soybean oil prices sharply higher. Strength in crude oil prices following bullish U.S. inventory data contributed marginal buying to the soybean oil rally, but fund liquidation of long oil share positions limited the gains.
Soybean oil futures gained about 1 1/2 percent (December contract +44 basis points per pound). Buying below the 50-day moving average constrained weakness ahead of the USDA data while selling at the 10-day moving average limited…
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