Volatile Crude Prices Weigh on Vegetable Oils Markets

Volatile Crude Prices Weigh on Vegetable Oils Markets

Volatile Crude Prices Weigh on Vegetable Oils Markets

Soybean oil and palm oil prices plunged on Thursday as bearish cargo surveyor data, and early weakness in soybean futures drove selling. Overnight the cargo surveyor data offset the relative strength of crude oil prices, which managed to hold onto gains from the U.S. session in early Malaysian trading. However, prices fell sharply, with the benchmark contract dropping back below the $40 per barrel level on its way to a low of nearly $39 just before the U.S. open. However, prices rallied sharply during U.S. trading hours for the second consecutive day to erase almost all of the overnight decline, with the November contract settling just below unchanged and $41 per barrel.

The move higher in crude oil provided no support to soybean oil prices, which settled about two percent lower (December contract -71 basis points…

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