Bullish Data Triggers Buying in World Vegetable Oil Markets
World vegetable oil prices were generally higher on Friday as bullish export data and the resumption of trading on the Dalian exchange added to the buying driving by concerns about supply in the palm oil market. The United States Department of Agriculture’s (USDA’s) monthly supply and demand projections were also bullish, driving the liquidation of short oil share positions by funds, driving soybean oil prices sharply higher. Energy prices were the only bearish factor on Friday as prices for West Texas Intermediate (WTI) futures fell by about 1 1/2 percent (November contract -$0.67 per barrel).
Soybean oil futures jumped about three percent (December contract +101 basis points per pound) on the overnight strength in Chinese markets and a substantial reduction in USDA’s 2020/21 U.S. ending stocks projection….
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